Frankie and Benny’s and Chiquitos owner announces closing up to 35 more restaurants amid cost-of-living crisis
A huge restaurant chain is closing dozens of its beloved locations in an effort to recoup lost profits amid the cost-of-living crisis.
The Restaurant Group (TRG), owner of chains such as Wagamama, Frankie & Benny’s and Chiquito, will close up to 35 restaurants over the next two years.
Loss-making branches of the company will be closed as the company seeks to cut costs.
The move follows a spate of other closures at the business, Sun informed.
The restaurants affected in the move will only be the Frankie and Benny and Chiquito branches, and at least three of them will be turned over to Wagamamas.
The Restaurant Group, owner of chains like Frankie & Benny and Chiquito, will close up to 35 restaurants in the next two years
About 30 percent of the restaurant chain’s two branches will be closed.
The company has approximately 400 restaurants in the UK employing around 18,000 staff.
Andy Hornby, TRG’s chief executive, said the firm would try to mitigate job losses, but did not specify how many jobs might be lost.
He said: “A significant number of these potential sites are in areas where we have other brands, so the job impact should be significantly less than you might think given the number of sites we won’t be revamping.”
TRG shares previously fell to less than a third of their pre-pandemic value as the business took a hit from the impact of Covid-19.