Pizza Express Restaurants Are Closing, and It’s Not Really the Pandemic | Eater London

"Facing the closure of 73 locations and about 1,100 job losses, the chain won creditor approval — more than 89% voting in favour — for a restructuring aimed at reducing its crippling liabilities. The plan tackles a roughly £1.1 billion total debt by cutting external borrowings from £735 million to £319 million via a debt‑for‑equity swap that converts secured‑note bondholders into shareholders, while roughly £450 million of loans from the current owner remain outstanding; the owner will retain its Chinese restaurant interests but has lost hundreds of millions in the process. The company has also been put up for sale and would be transferred to the bondholders if no higher third‑party bid emerges. Although the pandemic is cited for accelerating the collapse, long‑running problems — heavy private‑equity debt and market over‑saturation — were central, and the enforced shutdowns arguably created the breathing room needed to enact this rescue." - James Hansen