Japanese casual dining chain, Yo! has confirmed it will close 19 of its 69 restaurants, with 250 jobs losses, after the group had a CVA approved by its creditors.
Owned by Mayfair Equity Partners, the group said the restaurants earmarked for closure are “no longer financially viable” and have unsustainable rental costs in the current business environment.
It explained that the CVA would enable it to make essential changes to its portfolio and adapt to the enduring challenges brought about by the pandemic.
Managing Director Richard Hodgson said, “These are exceptionally difficult times for our industry and we are pleased that our creditors supported us in today’s vote.
“This will guarantee YO! A solid base to continue to adapt to the changes induced by Covid-19, and will allow us to focus on the reopening of the remaining sites and the deployment of our new restaurant model.
“I know this has been a difficult time for many of our team and once again I want to thank everyone for their hard work and support throughout this process.'