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.
Pizza Hut, an American restaurant chain and international franchise, announced its decision to cease operating in Greece and shut down all 16 of its restaurants as of 29 July 2020. The company’s announcement states that the chain’s activities were no longer sustainable in the wake of the COVID-pandemic.
In the last 12 years and despite the continuing financial losses, the chain invested 23 million euros in its development in Greece, while over the last decade it created and preserved more than 450 jobs. The company indicates that it did everything possible to preserve the jobs but has been forced to take the decision to shut down the stores and depart from Greece resulting in the job loss of 180.
Pizza Hut in Greece has fulfilled its obligations in accordance with the law, paying the relevant compensation plus a special additional compensation and having paid all its debts to the employees.
Eurofound (2020), Pizza Hut, Closure in Greece, factsheet number 102046, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102046.
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