Pret a Manger is reportedly set to slash almost 1,000 staff roles and shutter 30 of its 450 UK stores amid spiralling sales.
According to a report by the Financial Times, Pret’s CEO, Pano Christou, said today (6 July) that the chain is facing a “significant restructuring of the business”, as it seeks to return sales to at least 50-60% of pre-Covid-19 levels by September.
However, reports claim sales at the chain are around 25% of the business’ normal levels, and it comes after Pret revealed its weekly revenue had dropped to just £3m in June – 15% of its normal income.
Additionally, the chain said it will pay only 30% of its rent over the next quarter after it warned it does not have “sufficient funds” to pay the bill in full.
In a letter to landlords seen by the Evening Standard, chief executive Christou warned landlords that the chain was in the “eye of the storm” and could face losing “tens of millions of pounds”.
A Pret spokesperson told the Evening Standard at the time: “Although we are working hard to adapt Pret to the new retail environment, the coronavirus pandemic has massively affected our industry.
“Despite re-opening most of our shops, we are losing tens of millions of pounds each month and are not in a position to pay our June quarter rent in full. We are working with our landlords to find the best way forward.”
Catering Today has contacted Pret a Manger for comment.