Pizza Specific has stated it may shut almost 70 of its eating places in restructuring plans that put round 1,100 jobs in danger.
The eating chain, which has 449 eating places throughout the UK, stated the plans may see the closure 67 eating places nationwide.
Pizza Specific, which was compelled closed all its UK eating places on March 23 as a result of lockdown, introduced plans to launch a Firm’s Voluntary Association (CVA) restructuring deal within the close to future, however careworn that the ultimate final result of the restructuring has “but to be determined”.
It has additionally employed advisers from Lazard to steer a sale course of for the enterprise.
Andy Pellington, group chief finance officer, stated: “Whereas now we have needed to make some very troublesome choices, none of which has been taken evenly, we’re assured within the actions being taken to scale back the extent of debt, create a extra targeted enterprise and enhance the operational efficiency, all of which places us in a a lot stronger place.
“We are able to now plan to put money into each our UK&I and worldwide companies in addition to assist our groups as they return to work.”
Zoe Bowley, UK and Eire managing director, stated: “Our enterprise has a protracted historical past of success, however the UK-wide lockdown has hit the hospitality business notably arduous.
“Whereas the monetary restructuring is a constructive step ahead, on the identical time now we have needed to make some actually powerful choices.
“In consequence, it’s with a heavy coronary heart that we count on to completely shut a proportion of our eating places, shedding valued workforce members within the course of.”