Yo Sushi confirms intention to close Derby store as part of restructuring

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Yo Sushi has announced plans to close its Derby store as part of a major restructuring after months of losses due to the coronavirus pandemic. The company has revealed that it will close 19 of its 69 outlets in the UK as well as nine other locations where it is not the tenant but is legally responsible for paying rent.

The plan will involve around 250 layoffs, the Mirror reports.

The company revealed a list of all stores that were affected, with Derby included.

Richard Hodgson, CEO of YO Sushi, said: “Like the rest of the industry, we need to take decisive action to adapt to the lasting changes that the Covid pandemic has brought about. Although we have already taken steps to reduce costs, rents remain an issue.

“In the current climate, it is simply not viable for us to keep sites that no longer work.

“While this was a very difficult decision to make and I am sorry it will mean the loss of many of our team members, a CVA has become an essential measure to secure our business for the future and allow us to protect so much jobs as possible. possible. “

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The UK restaurant industry has been among the hardest hit by the coronavirus outbreak, with the government’s Eat Out To Help Out program set to provide only a temporary solution to struggling businesses throughout August.

YO, which uses accounting firm Deloitte to manage its restructuring, worked with owners to secure revised rental agreements to reopen some of its restaurants.

YO employs around 1,400 people in its 59 restaurants and 10 UK dealerships and has 52 kiosks in Tesco stores. It also introduces concessions to Asda under the Panku brand.

In addition to Derby, the company is closing outlets across the country, including Bournemouth, Edinburgh Airport and Victoria Station.

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