Pret A Manger has announced it is to close 30 outlets and lose circa 1,000 jobs across the business as part of an ongoing Covid-19 crisis restructuring plan.
The closures and redundancies reflect the impact from Covid-19 with Pret A Manger currently reporting sales 74% below the same time last year. The business reports that 339 of its 410 outlet portfolio have reopened but revenues remain flat.
In an effort to reduce costs Pret is maintaining ongoing discussions with landlords to reduce its rent payments, and is looking to reduce reliance on footfall from lunchtime office workers.
Like many across the hospitality industry Pret is looking to increase business through building delivery and click and collect options.
Pret is launching delivery partnerships with Deliveroo, Just Eat and Uber Eats, as well as a coffee initiative with Amazon. The business has reported increased sales through these channels and already now represents almost 10% of revenues.
Like so many across hospitality Pret A Manger is facing a very difficult market, the changes made will hopefully help to restore the business.
Reopening: Measure twice cut once
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Pret initiates closures – 6 July 2020 – Pret initiates closures