Pizza Express has revealed plans to close almost a fifth of its UK restaurants under a financial restructuring that places 1,100 jobs at risk
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The casual dining chain said it hoped to redeploy some of the staff impacted by the company voluntary arrangement , first, which will also aim to reduce rents across much of its remaining store estate. The rescue deal, which must be agreed by creditors, will see 73 of its 470 restaurants close permanently following the deep disruption to trading caused by thePizza Express, which is majority owned by Chinese firm Hony Capital, said it had also placed the business up for sale.
UK & Ireland managing director, Zoe Bowley, said"incredibly tough decisions to safeguard Pizza Express for the long term" had to be taken.Rival Bella Italia, owned by CDG, is among other brands to have suffered coronavirus damage"In most cases, there is another Pizza Express nearby, either already open or reopening soon, to welcome our customers.
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