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Patisserie Holdings confirms closure of 71 stores with loss of 920 jobs

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Patisserie Holdings confirms closure of 71 stores with loss of 920 jobs

Patisserie Holding’s administrator has confirmed the closure of 71 stores with 920 people made redundant.

The closures comprise loss-making outlets including 27 Patisserie Valerie stores, 19 Druckers outlets and 25 Patisserie Valerie concessions in Debenhams, Next and motorway services as well as the company’s bakery in Spitalfields.

Administrator KPMG has said its team will provide “all necessary support and assistance” to those employees who have lost their jobs.

Another 122 outlets will continue to trade while administrators seek a buyer for the business.

David Costley-Wood, partner at KPMG and joint administrator, said: “Since our appointment less than 24 hours ago, we have been pleased with the level of interest we have received in the business, and so remain hopeful of achieving a positive outcome.

“In the meantime, we can reassure customers that across the remaining 122 stores, it is all but business as usual.”

Following the announcement of the job losses CEO of Patisserie Valerie, Steve Francis, said: “It sounds bizarre but it’s genuinely a positive development for the remaining business. I would rather have 2,000 fully employed staff than 3,000 with no future.”

The closures include the original Patisserie Valerie store in Old Compton Street in London’s Soho.

Patisserie Valerie falls into administration>>

Misstatement of Patisserie Valerie’s accounts ‘extensive’ involving ‘significant manipulation’ >>

 

 

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