PizzaExpress' company voluntary arrangement (CVA) proposal, which will see 73 of the group's restaurants closed and 1,100 jobs put at risk, has been approved by creditors.
The number of jobs lost across the embattled restaurant sector in 2020 is already nearly double the amount shed during the whole of 2019 with experts fearing that the worst is yet to come.
PizzaExpress is to undergo a financial and operational restructuring that will see it close a portion of its UK estate and put over 1,000 jobs at risk.
Pizza Express has taken another tentative step towards reopening its restaurant estate by adding an option to click and collect pizzas from the 13 sites in London that is has already opened for delivery.
PizzaExpress is reportedly planning to launch a pasta delivery service in a bid to try and mitigate some of the losses caused by the Coronavirus crisis.
PizzaExpress could reportedly be forced to close a portion of its UK estate as a result of the growing financial pressures caused by the Coronavirus crisis.
A hedge fund that shared a multibillion-pound bounty after making bets on the collapsed Wall Street investment bank Lehman Brothers is among those reportedly circling debt-laden dining chain PizzaExpress.
PizzaExpress says that 95% of its restaurants in the UK and Ireland are profitable after it was suggested that two in every five are at risk of closure.
