PizzaExpress to Shut Scores of Outlets, Overhaul Debt
- Plan to shut U.K. branches while creditors may take control
- Permanent restaurant closures may put 1,100 jobs at risk
A PizzaExpress Ltd. restaurant sits empty in the West End district in London, on March 20.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Britain’s troubled PizzaExpress chain announced a rescue plan Tuesday that’s likely to close scores of restaurants, put hundreds of pizza chefs and waiters out of work and hand control of the business to creditors.
As part of the proposals, the company will implement a legal process known as a company voluntary arrangement that may permanently close about 15% of U.K. restaurants, putting 1,100 jobs at risk, according to a statement Tuesday.