The news follows after reporting their multi-million loss last May.
Gourmet Burger Kitchen is planning on undergoing a company voluntary arrangement (CVA) as they are closing 17 of its stores.
According to a statement, they are working with professional services firm Grant Thornton for the CVA.
“Typically, the process is used to restructure a business’s leased property portfolio in line with current market valuations. The CVA process has the objective to ensure financial viability and the sustainability of the business into the future,” Gourmet Burger Kitchen said.
Last month, there have been reports that they hired restructuring advisers from Deloitte. Earlier in the year, they also announced that they took a £7.8 million loss.
Do you know more about this story? Contact us anonymously through this link.