Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Pret a Manger, the UK-based sandwich shop chain has announced that it will permanently close 30 shops across the UK, leading to 330 redundancies with immediate effect. According to media sources, another 1,000 job cuts are expected across the company’s remaining network of shops.
The company’s chief executive officer said the business needed to change to 'adapt to the new retail environment' in the wake of the COVID-19 pandemic.
Pret a Manger opened in 1986 in London and it has operations in nine other countries in Europe, Asia and North America.
Update 27/08/2020
Pret a Manger has announced that it will cut 3,000 jobs, significantly more than the number it announced in July, as part of the final restructuring deal. The redundancies will affect more than a third of the workforce. Most of the redundant roles are in the company's shops, but 90 support centre jobs will also be cut.
Update 16/10/2020:
Pret a Manger has announced the closure of further six shops in London with the loss of 400 jobs, because of the continuing negative effects of the COVID-19 pandemic on its sales. The managing director of Pret A Manger UK said the company was transforming its business model to ‘prepare for the six months ahead.’ The total number of job cuts is now at 3,300.
Eurofound (2020), Pret a Manger, Closure in United Kingdom, factsheet number 101449, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101449.