Under-pressure Pizza Express has denied claims it is planning mass restaurant closures and insisted most of its branches are profitable.
The High Street chain responded to a weekend report that said around 40% of its 470 UK and Ireland stores are loss making.
The article added that one option being looked at is a restructure that could see over 150 restaurants at risk.
Pizza Express said: “95% of our UK&I restaurants are profitable and there are no plans for closures outside the normal course of business.”
Concerns about the chain’s future were raised this month when it emerged it has appointed financial adviser Houlihan Lokey to prepare for debt talks with creditors.
Pizza Express, which was bought in 2014 by Chinese firm Hony Capital, has a £1.1 billion debt pile. The first tranche owed to bondholders is £465 million and is due for repayment in 2021.
Options the firm could look at include refinancing or selling part of the business.
Casual dining chains are grappling with higher business rates, wage bills, and weaker consumer confidence.
Listen to today's episode of The Leader here:
