33 Frankie & Benny’s and Chiquitos to close
The group that owns Frankie & Benny's and Chiquitos are going to close 33 restaurants.
Seems no-one liked their new menu that they launched, after it was blamed for the drop in sales.
The imaginatively named Restaurant Group has seen their share value dropping too, by a whopping 40%, and former boss of Paddy Power - Andy McCue - is being brought in to turn things around.
The group will “immediately" close 14 Frankie and Benny's restaurants, 11 Chiquito sites and eight other locations.
"We do not believe that these sites are capable of generating adequate returns," said Debbie Hewitt, Restaurant Group's chairman.
Hewitt continued: "We began to introduce more 'authentic' menus without sufficient testing of the concept," and that the group are "taking action" to get families back through the doors, with new meals and deals.
"Whilst the performance in the first half of 2016 was disappointing, the company is profitable, highly cash generative and retains a strong balance sheet."
TOPICS: High Street News