Pret A Manger to not make June quarter rent payment in full, cites pandemic pains
The chain said it is working with landlords to “find the best way forward”.
Pret A Manger said it would not make its June quarter rent in full as it continued to lose tens of millions of pounds each month because of the coronavirus crisis, confirming an earlier report by the Financial Times.
“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,” a spokesperson for the coffee and sandwich chain said in a statement.
The chain recently appointed Alvarez & Marsal and CWM Retail Property Advisors to advise on aspects of a transformation plan and to examine the best options to adjust their business model.
