Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Casual Dining Restaurants Group, the British restaurant group, has announced that it will permanently close 91 of its 250 restaurants across the UK, leading to 1,909 redundancies with immediate effect. The group, which owns the Bella Italia, Cafe Rouge and Las Iguanas chains of restaurants as well as several airport outlets, has entered administration, seen as the first step towards selling its brands.
The chief executive officer said the restructuring was necessary to 'secure the best possible future' for the group in the wake of the coronavirus pandemic.
The Casual Dining Restaurants Group is one of the largest mid-market restaurant operators in the UK. According to market analysts, the group was already facing financial difficulties before the coronavirus crisis started. The redundancies at the Casual Dining Group follow recent bankruptcies and closures by The Restaurant Group and Carluccio’s.
Eurofound (2020), Casual Dining Restaurants Group, Bankruptcy in United Kingdom, factsheet number 101440, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101440.
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