Pizza Hut UK Franchise Expects to Close 29 Restaurants, Cut 450 Jobs
September 09 2020 - 9:13AM
Dow Jones News
By Adria Calatayud
Pizza Hut Restaurants, the U.K. dine-in franchise business of
the Pizza Hut brand, said Wednesday that it is likely to close 29
restaurants and cut 450 jobs as it negotiates a company-voluntary
agreement to mitigate the impact from the pandemic.
The company said sales aren't expected to fully bounce back
until well into 2021. Any measures adopted will aim to protect
about 5,000 jobs at its remaining 215 restaurants, Pizza Hut
Restaurants said.
"We are committed to doing the right thing, and in order to
secure as many jobs as possible and continue serving our
communities, we are working to reach an agreement with our
creditors," a company spokesperson said in an emailed
statement.
Pizza Hut Restaurants' plans don't affect locations, jobs or
operations at Pizza Hut Delivery or any international Pizza Hut or
Yum! Brands Inc. operations, it said.
If its rescue plan goes ahead, Pizza Hut would become the latest
business to resort to a company-voluntary arrangement in the U.K.
On Monday, rival pizza chain PizzaExpress Ltd. said creditors had
approved its proposed CVA, putting 1,100 jobs at risk.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
September 09, 2020 08:58 ET (12:58 GMT)
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