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@Avalon.red

Pizza Express set to close 73 restaurants placing over 1,000 jobs at risk

by LLB Reporter September 7, 2020

written by LLB Reporter 7^th Sep 20 11:18 am

Following investors approving a rescue restructure, Pizza Express are to close 73 restaurants which places 1,100 jobs at risk.

The closures will happen Aberdeen to Torquay, including the original site in Wardour Street in Soho, which opened in 1965, and other restaurants acorss London, Birmingham and Bristol.

The high street chain have 355 restaurants open in the UK, and Pizza Express said they can secure 9,000 jobs, due to a company voluntary arrangement (CVA) deal.

This will allow for a financial restructure to cut their debt from £735m to £319m, and creditors have also agreed to put in £144m to help reopen other outlets.