PizzaExpress Creditors Approve Closures, 1,100 Jobs at Risk

(Bloomberg) — PizzaExpress’s creditors approved a company proposal to cut rents and shut 73 of its U.K. restaurants as part of the chain’s effort to fix its finances amid the economic slump. The plan will put 1,100 job at risk.



a store front at night: A PizzaExpress Ltd. restaurant sits empty in the West End district in London, U.K., on Friday, March 20, 2020. A shutdown of the U.K. capital would hit the night-time economy hard -- one in three employees in London works between 6 p.m. and 6 a.m., many in the pubs, restaurants and clubs most at risk of survival because of the pandemic.


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A PizzaExpress Ltd. restaurant sits empty in the West End district in London, U.K., on Friday, March 20, 2020. A shutdown of the U.K. capital would hit the night-time economy hard — one in three employees in London works between 6 p.m. and 6 a.m., many in the pubs, restaurants and clubs most at risk of survival because of the pandemic.

Almost 90% of the firm creditors and a majority of landlords supported a so-called Company Voluntary Arrangement proposed by the company, according to a regulatory filing on Monday. The deal paves the way for a financial restructuring which will see owner Hony Capital ceding control of operations,

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