High street food and drink chain Pret A Manger has announced that it is set to close 30 stores and cut 1,000 jobs across the UK as a result of the COVID-19 pandemic.
Like many within the industry, Pret A Manger has been in continual talks with its landlords about reducing its rent bill, as the lockdown decimated the sector. In May, the firm appointed an advisory firm to restructure its finances, and in April it raised £90m in emergency funding from its banks and existing investors.
The firm owns 550 outlets across the world and employs 13,000 staff – 8,000 of which are based in the UK.
Pret A Manger CEO Pano Christou said: “It’s a sad day for the whole Pret family, and I’m devastated that we will be losing so many employees. But we must make these changes to adapt to the new retail environment. Our goal now is to bring Pret to more people, through different channels and in new ways, enabling us to grow once more in the medium term.”