Inflation blamed for rising costs as legal issues loom
Italian restaurant chain Prezzo has announced that it is to close around a third of its restaurants after being hit by rising costs for energy and ingredients.
This follows the recent trend whereby the number of casual dining restaurants has dropped by 13% in the last three years, which perhaps goes against the notion that the UK’s high streets are moving away from traditional shopping, towards more of a café culture. As money gets tighter for everyone, eating out is becoming more of a luxury and consumers are becoming choosier when deciding where to eat.
The food chain has struggled to make ends meet recently and these closures will result in the loss of around 800 jobs. In addition, it owes millions to the landlords of its failing restaurants and has advised that if a restructuring plan isn’t agreed, then the business could collapse entirely.
There is now likely to be some legal wrangling as Prezzo owes tens of millions to landlords on those closed restaurants and is writing to the owners to notify them of the legal process by which it plans to close its struggling outlets.
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