Pizza Hut is closing 29 restaurants across Britain, including two in Scotland
Wednesday, September 30, 2020
Pizza Hut has confirmed it is to shut 29 branches throughout Britain, including branches at the Great Western Retail Park and Cumbernauld.
Landlords have agreed to lower rents in the company's restaurants, according to the company's statement in the wake of bankruptcy proceedings, which is known as a "company Voluntary Arrangement (CVA)."
Landlords and creditors alike have voted for CVA, which will provide a cut to their future bills as they try to save the company from being declared bankrupt.
The deal will mean closing 29 of Pizza Hut's 244 restaurants, while 215 more will safeguard trade and save 5.000 jobs.
Commercial landlords in general have continued to vote for CVAs, who prefer to bargain on the basis of lower rents than fear empty deals should chains bankruptcy.
A spokesperson for Pizza Hut Cafe said: 'We are delighted to have reached such a constructive position in partnership with our landlords and creditors.