Creditors have given approval for burger chain GBK to close 17 underperforming restaurants putting 250 jobs at risk.
GBK is currently undergoing a major restructuring plan which includes the renegotiation of rent alongside the closures. The company’s restructuring plan was announced after it claimed to suffer from increased competition and high fixed costs.
The burger chain currently operates 80 restaurants across the UK and employs around 2,000 people.
GBK managing director Derrian Nadauld said: “We’d like to thank the landlord community, our trade suppliers and our restaurant teams for their support through a challenging process.
“With the positive vote on our proposal to restructure our property portfolio, we are now able to execute the final stage of our turnaround plan, which we are confident will position the business for long-term sustainable growth”.
Catering Today has contacted GBK for further comment.