Yo! Sushi to close 19 restaurants, cut 250 staff as part of restructuring
Rents at some restaurants were unsustainable, its boss said.
Yo! Sushi will close 19 restaurants and cut 250 staff as part of a company-wide restructure, the company said.
It is launching a company voluntary arrangement (CVA), allowing the business to close loss-making sites. Rents at some restaurants were unsustainable, citing the current climate and "changes in consumer behaviour."
"While we have already taken measures to reduce costs, rents remain an issue,” Yo! Sushi CEO Richard Hodgson said. "In the current climate, it's just not viable for us to keep any sites that no longer perform."
The company also said the CVA will mean it can exit nine sites where it no longer operates but is still responsible for the rent.
Yo! Sushi currently has 59 restaurants and 10 concessions in the UK.
"Like the rest of the sector, we need to take decisive action to adapt to the lasting changes that the covid pandemic has brought about,” Hodgson added.
"While it's been a very difficult decision to make and I am very sorry that it will mean losing many of our team members, a CVA has become an essential measure to secure our business for the future, and enable us to protect as many jobs as possible."
