Pizza Hut restructuring vote secures 5,000 jobs

Pizza Hut Restaurants has won a bid to secure its future and 5,000 jobs though 450 roles remain under threat.



a store in a brick building: Pizza Hut and rivals in the casual dining sector are still facing curbs on trading because of the coronavirus crisis


© Imagebridge
Pizza Hut and rivals in the casual dining sector are still facing curbs on trading because of the coronavirus crisis

The company, which comprises only the dine-in restaurant franchise in the UK, announced earlier this month that it was seeking an insolvency mechanism known as a Company Voluntary Arrangement (CVA) to slash costs as it moved to recover from the effects of the coronavirus lockdown.



a close up of a sign: Pizza Hut takeaways are not part of the Restaurants business which is focused on dine-in franchises


© Getty
Pizza Hut takeaways are not part of the Restaurants business which is focused on dine-in franchises

Proposals to close 29 under-performing restaurants and cuts to rent bills across its remaining estate of 200 sites were agreed in a vote by creditors including landlords.

The chain could have potentially collapsed without the support as the wider dining sector – while boosted by

Read More

EXPLAINED: How to apply for SBI home, car, education, retail loan restructuring online





© Provided by Zee Business


The country’s largest lender State Bank of India (SBI) has said that it has launched a facility on its website to help retail customers check their eligibility for one-time loan restructuring announced by the RBI. Last month, the Reserve Bank of India (RBI) had announced a one-time restructuring scheme for personal loan and corporate borrowers affected by COVID-19 stress.

Are you eligible?

– The customers can check their eligibility for the restructuring of their loans through this portal sitting at their home/office or from anywhere as per their convenience and comfort.  

– Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on March 1, 2020, and their incomes are impacted by COVID-19.

– The approval of borrowers’ loan restructuring application under this scheme –

Read More

Lloyds to cut hundreds of UK jobs as it revives restructuring plans



a green sign hanging off the side of a building: Photograph: Will Oliver/EPA


© Provided by The Guardian
Photograph: Will Oliver/EPA

More than 1,200 staff at restaurant chain Pizza Hut and high street lender Lloyds Banking Group are facing redundancy, adding to a torrent of job cuts announced amid the pandemic.

Pizza Hut is considering closing up to 29 of its 244 UK outlets with the potential loss of 450 jobs.

The main UK franchisee of the US-owned business is also seeking to cut rents, asking landlords to base payment demands on turnoverat each outlet, under a restructuring deal called a company voluntary arrangement (CVA).

The deal does not affect the Pizza Hut delivery business, which is separately owned.

High street lockdowns, social distancing rules and fears of the virus have hit trade at restaurant groups that were struggling even before lockdown restrictions, forcing them to make cutbacks.

The planned closures and redundancies follow similar moves at fellow Italian specialists Pizza Express and

Read More

Lloyds Bank to cut 865 jobs in restructuring plans made pre Covid



a person standing in front of a store: MailOnline logo


© Provided by Daily Mail
MailOnline logo

Lloyds Bank plans to shed hundreds of jobs as it works to simplify the business after putting plans on hold for several months due to Covid-19.

The bank said it will slash 865 jobs mainly in its insurance, wealth and retail teams.

The cuts will lead to a net reduction of 639 in Lloyds’ headcount as the bank has also created 226 jobs.



a woman walking down a sidewalk in front of a store: More unemployment misery for hundreds as Lloyds Bank announces plans to cut 865 jobs. The job loss plans were put on hold in February before the pandemic hit


© Provided by Daily Mail
More unemployment misery for hundreds as Lloyds Bank announces plans to cut 865 jobs. The job loss plans were put on hold in February before the pandemic hit

Earlier on Wednesday, Lloyds indicated the job losses included 780 cuts that were announced in February but put on hold because of the pandemic.

It has now clarified the new reductions are on top of the 780 already planned.

Unite union national officer Rob MacGregor said he

Read More

Maersk to cut jobs in major restructuring

Reuters Now

Posted

Maersk will cut jobs in a major shake-up that will affect a third of the shipping giant’s staff as it seeks to integrate its seaborne container and in-land logistics businesses, it said on Tuesday.

Reuters Now

Read More

Maersk Plans Major Restructuring Affecting Thousands of Jobs

(Bloomberg) — A.P. Moller-Maersk A/S is planning a major overhaul of its organization that is set to affect thousands of jobs at the world’s biggest container shipping company.



a truck that is driving down the street: A lorry driver waits to load cargo as shipping containers, bearing the A.P. Moller-Maersk A/S logo, sit beyond at the Port of Felixstowe Ltd., a subsidiary of CK Hutchison Holdings Ltd. in Felixstowe, U.K., on Tuesday, Aug. 22, 2017. U.K. exporters are still reaping the benefits of a weaker pound, but they're not sure how long the boost will continue as the country gets closer to withdrawing from the European Union.


© Bloomberg
A lorry driver waits to load cargo as shipping containers, bearing the A.P. Moller-Maersk A/S logo, sit beyond at the Port of Felixstowe Ltd., a subsidiary of CK Hutchison Holdings Ltd. in Felixstowe, U.K., on Tuesday, Aug. 22, 2017. U.K. exporters are still reaping the benefits of a weaker pound, but they’re not sure how long the boost will continue as the country gets closer to withdrawing from the European Union.

Maersk said its Safmarine and Damco units will cease to exist as separate entities and instead be incorporated into the group, according to a statement on Tuesday. Borsen reported that the changes will affect about 3,400 jobs, which the company has since confirmed. In all, about 27,000 jobs will

Read More