Pizza Express is expected to close up to 75 restaurants as part of a financial restructuring at parent company Hony Capital.
According to Sky News, the 470-strong brand is looking to exit the sites through a CVA process, but a final number for the proposed closures will depend on the outcome of landlord negotiations.
One source told Sky that although the number of site closures is not yet finalised, it was unlikely to number more than 20% of its estate.
The news represents the latest casual dining casualty as a result of the coronavirus crisis.
Earlier this month Casual Dining Group, which operates brands including Las Iguanas, Bella Italia and Café Rouge, announced plans to close 91 sites with immediate effect, whilst multi-brand operator The Restaurant Group entered a CVA to exit 125 unviable sites.
Since closing its entire estate in March, Pizza Express has reopened just 46 of its restaurants for dine-in so far and has 36 operating for delivery and click and collect.
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Pizza Express to exit up to 75 sites in CVA
Pizza Express is expected to close up to 75 restaurants as part of a financial restructuring at parent company Hony Capital. According to Sky News, the 470-strong brand is looking to exit the sites through a CVA process, but a final number for the proposed closures will depend on the outcome of landlord negotiations. One source told Sky that although the number of site closures is not yet finalised, it was unlikely to number more than 20% of its estate.
