The ever-deepening retail crisis continues to strike at the heart of the food and beverage sector as today premium steak restaurant Gaucho announced that it is examining plans to close stores.
The Argentine chain has drafted in advisers to scrutinise its 22-strong Cau-branded portfolio, which is putting more than 700 jobs at risk. The 16 Gaucho-branded stores, which are predominantly in London, will be safe from closure as it continues to operate with relative success.
See the map detailing the store closures below:
It is considering using a Company Voluntary Arrangement to exit the properties. According to Radius Data Exchange, the current Cau portfolio extends to 73,000 sq ft, which would take the total amount of restaurant space relinquished by retailers in 2018 up to 570,000 sq ft across 173 separate units.
The total amount of retail space lost so far this year now tops 6.7 m sq ft.
Read everything you need to know about the current retail crisis here
As the retail crisis has deepened, experts have begun to examine whether the CVA process is being used a safety blanket rather than an emergency rescue measure and are calling for outright reform of the system to protect landlords.
Photo: Jeff Blackler/REX/Shutterstock
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