Wagamama and Frankie and Benny's owner to close 35 restaurants in bid to boost earnings

The Restaurant Group warned of job losses following the announcement, saying the closures would help it shore up cash after reporting widening losses over 2022.

"Every year a number of leases come up for potential renewal, so the vast majority is where we are going to selectively - and we haven't fully decided yet, we are going to constantly review the way the sites are trading - exit a number of those, rather than renew the lease for another five or 10 years," he said."But we are not closing any sites that we think have got long-term profitable futures.

The company, which has around 18,000 staff, has already cut several restaurants, including closing the majority of its Chiquito restaurants at the start of the pandemic to bolster its finances.

Aww not making enough money? If they’re weren’t so profit greedy in the first place, they might of had a sustainable business model and not cost staff their jobs.

And so it begins…

What a shock to find both these overly priced poor execution chain restaurants are owned by the same company.

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Wagamama owner to close restaurants as surge in costs drives annual lossThe company earmarks 35 sites to go within its struggling leisure division but says trading has held up well generally despite the cost of living crisis. They got a lot of us into the cuisine. One of their problems now is that lots of independents in most cities do the same cuisine better and cheaper. I'm betting quite a proportion will be Chiquito's and Frankie & Bennies. I actually like them, but their prices are way above what they should be for their offering.
Source: SkyNews - 🏆 35. / 67 Read more »