Tuesday 18 August 2020
Pizza Hut restaurants decided to close more than 300 branches permanently after one of the largest franchisees in the chain declared bankruptcy, according to what was reported by the American network, “CNN”.
Although food companies were among the least affected by the repercussions of the Corona virus, Pizza Hut, which owns the most famous chain of pizza stores in the world, suffers from a financial failure in Britain, and intends to take serious steps during the coming period to find a solution to this matter.
The company is currently looking to restructure its debts, as part of a financial insolvency agreement, which may include layoffs.
The company has appointed friezes and marsal, to test the options before the company, which include the company’s voluntary arrangement “CVA”, which is an agreement with creditors to reduce the debt.
Pizzaht operated about 244 branches in the United Kingdom before the spread of the Corona virus, and employed 5,700 employees. But it was forced to close all its branches during the UK economy shutdown.