Spotlight on Pizza Express as debt pile sparks fears for chain’s future
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Speculation over the future of Pizza Express mounted over the weekend amid reports of potential store closures and debt restructuring talks.
The pizza chain, which is looking to slash its £1.1bn debt pile, has denied suggestions that it is mulling mass closures after a tough spell of trading.
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According to the Sunday Telegraph, as many as two in five of the beleaguered pizza chain’s restaurants are loss-making and at risk of closure, with over 150 restaurants at threat.
One source told the newspaper that an option under consideration was a controversial cost-cutting process known as a company voluntary arrangement (CVA).
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However, a PizzaExpress spokesperson told City A.M.: “95 per cent of our UK&I restaurants are profitable and there are no plans for closures outside the normal course of business.”
A number of high profile restaurants including Jamie’s Italian and Gaucho have slashed their store portfolio in recent years amid troubles in the casual dining sector from competition and high costs.