Le Pain Quotidien bakery chain on the verge of collapse amid coronavirus closures


The Le Pain Quotidien bakery chain is on the verge of collapse, which could put more than 500 street jobs at risk.

The Belgian company is expected to appoint directors this week, according to Sky News.

An emergency sale process for the company, which trades from 26 locations in Britain, set a deadline for bids on Wednesday.

Alvarez & Marsal, the professional services firm, is overseeing the auction and is expected to be appointed as an administrator unless a sale of solvents is made in the coming days, insiders said on Monday.

The consulting firm also manages the sale of the office of the shoe chain that went on the market last week.

The South African owner of the food chain, Truworths International, put the business up for sale after 130 stores were temporarily closed.

In the event of a collapse, Le Pain Quotidien would join Carluccio’s, which entered administration in March, with 2,000 jobs at risk.

The chain – founded by chef Antonio Carluccio 20 years ago – has been struggling since the coronavirus epidemic

The Italian restaurant, which has 71 restaurants across the UK, appointed FRP Advisory administration experts following a “sustained period of difficult trading conditions, which were exacerbated by COVID-19”.

Pubs and restaurants had a difficult month with the government announcing their closure, although take-out services are allowed to continue.

Chiquito was put into administration in March – with the closure of 61 of its restaurants.

Marston’s, which operates 1,400 pubs across the country, and Mitchells & Butlers, the owner of Toby Carvery and All Bar One, also warned that they were in trouble.

Byron, the hamburger chain, called on KPMG to manage a review of its options.

Mirror Money contacted Alvarez & Marsal for a comment.


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