Argentinian restaurant chain Cau, owned by Gaucho, is set to cut 750 jobs and the future of all 22 of its restaurants is in doubt.
Chain owners Gaucho have fallen out of love with the chain, and have brought in financial advisors KPMG to look at cost cutting options. KPMG’s methods include a potential Company Voluntary Arrangement (CVA) subject to the approval of landlords and creditors.
A spokesperson for Gaucho said: “As part of a comprehensive strategic review, the group’s new management team with the support of its shareholders, is at the early stages of exploring a number of financial restructuring options. No decisions have yet been made.”
The chain has reportedly suffered double digit declines in revenue which has accelerated in recent weeks.
Gaucho-branded restaurants look to be unaffected by the troubles as they are reported as performing in line with the current market.