June 4, 2020 / 11:56 AM / 2 months ago

Frankie and Benny's owner to shut stores, up to 3,000 jobs at risk: source

(Reuters) - Frankie and Benny’s owner Restaurant Group (RTN.L) plans to permanently close 100-120 stores, putting up to 3,000 jobs at risk across the UK, a source familiar with the matter told Reuters on Thursday.

The closures will mostly affect Frankie and Benny’s, with no impact on its Wagamama noodle chain, the source said.

BBC reported initial details of the job cuts on Wednesday here here

Shares in the company, which operates over 650 restaurants and pubs in the UK and had been struggling with falling sales even before the coronavirus lockdowns, fell around 2% in morning trade.

In April, the company said it expected a 50% slide in 2020 sales, assuming all its restaurants and pubs remain closed until the end of June, and raised about 57 million pounds through a share placement.

Restaurant Group had also accessed the government furlough scheme to ensure the ongoing employment of its over 20,000 employees.

Reporting by Tanishaa Nadkar and Aniruddha Ghosh in Bengaluru; Editing by Bernard Orr

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