Pizza Express, the UK-based restaurant chain has confirmed that it plans to permanently close 73 of its 454 pizzerias in the UK, with the loss of 1,100 jobs. The plans are part of a company voluntary arrangement (CVA), aimed to reduce the company’s restaurant and rental costs.
The managing director said the 'incredibly tough decisions' to restructure the business were prompted by the COVID-19 crisis and added that the restructure ensures the long-term sustainability of Pizza Express and protect the jobs of the remaining more than 9,000 employees.
Pizza Express was founded in London in 1965 and it is currently owned by Hony Capital, the Chinese private equity firm. The Pizza Express Group also owns restaurants in Ireland, continental Europe as well as in the Middle East and Asia.
Pizza Express has announced that it will cut further 1,300 jobs across the UK, in response to a fall in trade, however, there will not be site closures in this round of the restructuring. The company has not revealed which locations will be affected and what roles are at risk of redundancy. The total number of job cuts since August is now at 2,400.