PizzaExpress Is an Epic $1.4 Billion Food Fight

PizzaExpress Ltd. is something of a British national treasure having delivered quasi-Italian cuisine to the High Street for 54 years, a Bloomberg View reported. It’s found itself in a battle for survival in the U.K.’s uber-competitive “casual dining” arena, and has consequently been caught up in a proper tussle in the bond market. Commercially, the restaurant chain is battling on two fronts: that ferocious fight in its domestic market and coping with an unsuccessful expansion in China. Comparable sales outside of the U.K. fell 7.5% last year. With total borrowings of 1.1 billion pounds ($1.4 billion), and a revolving credit facility maturing in August 2020, PizzaExpress is headed for a debt restructuring. Read more