Reports suggest that the deadline for an “emergency sale” of Le Pain Quotidien’s UK operations is tomorrow, with the chain facing administration if a buyer cannot be found.
Restructuring experts Alvarez & Marsal are understood to be looking for bids for the 26-strong bakery operators, which employs 500 staff.
Unless they receive offers for the business within the next 24 hours, the company is set to appoint administrators, according to the Financial Times.
In its last financial year for which accounts are available, Le Pain Quotidien saw its turnover fall 4% to £38m and racked up a net loss of £711,000.
News of its difficulties comes amidst a period of unprecedented turbulence for the restaurant sector.
Carluccio’s, Chiquito and Food & Fuel are all in administration, while others have had to raise cash and seek additional credit to maintain closed sites.