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The pizza chain also plans to transfer majority ownership from its current owner, Chinese private equity firm Hony Capital, to debtholders so it can secure funding for future growth. The company also plans to transfer majority ownership to debtholders to secure financing for future growth, it said. Its current owner, Chinese private equity firm Hony Capital, intends to retain ownership of the group's mainland China business, a Pizza Express spokesperson told Business Insider.
"It is with a heavy heart that we expect to permanently close a proportion of our restaurants, losing valued team members in the process," Zoe Bowley, UK and Ireland managing director, said in a statement.
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