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Coronavirus: Sushi chain YO! slices 250 jobs as crisis hammers restaurants
Aug 14, 2020
Hundreds of jobs are expected to be cut at the sushi restaurant chain YO! as it becomes the latest casual dining chain to propose a financial restructuring to creditors amid the COVID-19 outbreak.
Sky News understands that YO! has formally decided to launch a company voluntary arrangement (CVA) that will involve closing 19 of its 69 outlets in the UK, as well as nine other sites where it is not the tenant but is legally responsible for rent payments.
The CVA filing is expected to take place later on Friday.
If approved, the plan is expected to involve about 250 redundancies - adding to the sector's grim recent toll of job losses.
Confirmation of the CVA plan adds YO!'s name to a list of high street chains - including New Look, Pizza Express and Poundstretcher - which have used the insolvency mechanism to cut their liabilities during the
Sources said on Friday that among the sites earmarked for closure by YO! were its concessions at Gatwick Airport and London's Victoria and Waterloo stations, underlining the potentially long-term impact of the
Britain's restaurant industry has been among the worst-hit by the coronavirus outbreak, with the government's Eat Out To Help Out scheme expected to provide only temporary respite to many operators.
Among the chains to have called in administrators during the crisis are Byron, Carluccio's and Frankie & Benny's, with the owners of Cafe Rouge and Coco di Mama turning to pre-pack insolvencies to find new owners.
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