Popular chain Pizza Express said on Monday that creditors had approved restructuring plans that will close 73 of its restaurants and put as many as 1,100 jobs at risk in the UK.
In a statement, the company said that 89% of its creditors voted in favour of its proposed company voluntary arrangement (CVA) restructuring deal, securing more than 9,000 jobs.
“The successful vote unlocks the company’s ability to actively address the challenges brought by COVID-19,” Pizza Express said.
“Regrettably, the CVA proposes the closure of 73 restaurants, putting 1,100 jobs at risk,” it said.
Pizza Express announced the sweeping restructuring process, which will see widespread rent reductions, late last month.
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Noting that most of its 454 restaurants have been profitable over the past three years, the company said that declining earnings had been exacerbated by the