Brexit Impact: Le Pain Quotidien Closes Majority of UK Stores

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The bakery/pastry chain Le Pain Quotidien now has a single store in the UK. Nine other stores are closed and 250 jobs cut in this country, we learned from the brand.

The closure of eight units in London and another in Oxford are the result of financial problems. “After Brexit, London has become a very difficult market, with fewer people on the streets, higher labor costs and a rigid rental market; rents represent up to 30% of our budget,” said CEO Annick Van Overstraeten.

A Pain Quotidien located in St-Pancras station remains open. The channel is not completely abandoning the UK. It wants to open new branches there in the future through a franchise model. According to the CEO, discussions are ongoing on this subject.

Le Pain Quotidien is present in fifteen countries and plans to add five more by the end of the year.

This article is originally published on trends.levif.be

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