Dreaming of those fluffy dough balls thanks to the ‘Eat Out To Help Out’ scheme? Well, you might want to put a fork in that thought, because high street pizzeria Pizza Express is expected to close 67 restaurants as part of a huge cost-cutting strategy, it has been reported today.
Known for feeding the nation with their low prices and quality Italian grub, the chain – which is owned by Hony Capital – has hit headlines several times in the past year as a result of financial difficulties, with debts reported in excess of £1bn following the UK lockdown.
Now, Hony Capital is set to close 15% of the chain’s restaurants, saying that the “business and its advisers have undertaken an extensive review of its operations to plan appropriately for the future”.
According to reports, 67 underperforming restaurants have already been selected for closure, putting 1,100 jobs at risk (1/8th of their total workforce). It is not currently known which restaurants will be affected. The restructure will reportedly save the business £144m.
The news will surely break the hearts of Pizza Express fans everywhere, however, also comes as a huge hit to Brits who are facing a potential unemployment crisis – with many expected to be made redundant when the furlough scheme ends in October. Currently, it’s been reported that 650,000 Brits have lost their jobs as a result of the pandemic.
[Featured image: Pizza Express]
