close

Pizza Hut to relinquish 29 restaurants if it can strike deal with creditors

Pizza Hut

Pizza Hut has followed a slew of other casual dining chains by announcing it is negotiating a CVA that is likely to see almost 30 restaurants closed.

The company said it had faced “significant disruption” from the pandemic and a CVA would allow it to restructure the business.

Pizza Hut currently operates 244 restaurants and 29 of these will be axed if the proposals go ahead, putting 450 jobs at risk.

Story continues below
Advertisement

The move will not affect operations or jobs at Pizza Hut Delivery or related franchises.

Although the company has been safely reopening sites, it does not expect sales to fully bounce back until well into 2021 despite a quick and safe reopening of sites.

A spokesperson for 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.

“While we are likely to see 29 Hut closures and 450 job losses, any measures we take aim to protect about 5,000 jobs at our remaining 215 restaurants, as well as the longevity of the business.

“We understand this is a difficult time for everyone involved. We appreciate the support of our business partners and are doing everything we can to help our team members during this process, including speaking with those affected by the consultation.”

CVA among the options on the table for Pizza Hut as it hires advisors

Tags : cvaPizza Hut
Andrew Seymour

The author Andrew Seymour

Leave a Response