YO! CVA gets OK from creditors
The closures resulting from the agreement are expected to see 250 jobs cut across the group.
YO! has confirmed it will permanently shutter 19 sites after its company voluntary arrangement (CVA) proposal was given the green light by creditors.
The CVA, announced by the sushi chain last month, will enable the business to make changes to its restaurant portfolio and adapt to challenges brought about by the COVID-19 pandemic. Deloitte is supervising the CVA.
Apart from the 19 restaurants that have been earmarked for closure, YO! said will also dispose of nine sites it no longer operates but continues to hold a lease for.
The sites set to close, the group said, are “no longer financially viable” and have unsustainable rental costs in the current trading environment. It is understood the closures will see 250 jobs cut across the group.
"This will ensure YO! has a solid foundation to continue to adapt to the changes brought about by Covid-19, and allows us to focus on reopening remaining sites and rolling out our new restaurant model,” said YO! CEO Richard Hodgson, referring to the approval of the CVA.
“I know this has been a difficult time for many of our team members and once again I want to thank everyone for their hard work and support throughout this process."
