A HIGH street bakery chain has crashed into administration and closed all but one of its stores.
Le Pain Quotidien has shut nine of its ten bakeries, in another blow to the hospitality sector, according to CityAM.
The Belgian coffee chain's single bakery remains open in St Pancras.
It comes after a note was posted outside one of the chain's other shops and read: "The affairs business and property of the Bruncho UK Limited (trading as Le Pain Quotidien) are being managed by the Joint Administrators, Sarah Rayment and Philip Dakin of Kroll Advisory.”
But because the St Pancras site is owned by its sister company SPQ Holdings Limited it will not be impacted, and will remain open.
The chain is known for its extensive menu and sells everything from fresh bread and pastries to pancakes and classic salads.
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Customers can collect points through the chain's Tartine Club. These can then be spent on rewards like a hot drink, cookie, tartine and more.
Le Pain Quotidien also offers catering services for customers wishing to order ahead for parties, meetings and get together's.
The service delivers freshly prepared platters of its pastries, bread, tartines, salads, cheeses, charcuterie and beverages straight to wherever they're needed.
But nine Le Pain Quotidien stores located in the following locations have closed for good:
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- The Westgate Centre, Oxford
- Marylebone High Street, London
- Hyde Park, London
- Mayfair, London
- Covent Garden, London
- South Kensington, London
- Royal Festival Hall, London
- Monument, London
- Parsons Green, London
Sarah Rayment, global co-head of restructuring at Kroll, told CityAM: "Pressures on parts of the hospitality and casual dining sector have been well highlighted.
"Brunchco UK Limited which is predominantly located in London has suffered from reduced revenues as a result of decreased footfall in the capital, high rents and increased wage costs.
"As part of the next steps of the insolvency, we will be looking to realise value from the company's leasehold interests and other assets."
Le Pain Quotidien's US arm filed for Chapter 11 bankruptcy back in 2020 – closing all 98 of its US stores.
But some stores have since reopened in New York city.
The news comes just days after Cooplands closed nine of its bakeries without warning as part of an "in-depth" review of the business.
The Scarborough-based bakery is the largest family-owned bakery chain in the UK.
It was founded as a single shop in Scarborough, Yorkshire, in 1885 and has now expanded to become the UK's second-largest bakery chain behind Greggs.
Cooplands has over 160 bakeries and 12 cafes across Yorkshire, Lincolnshire, Nottinghamshire and the North East.
The bakery favourite is famed for massive cakes and a large range of sweet and savoury products.
The popular chain was forced to close nine locations including Scarborough, Berwick Hills, Skelton and Great Ayton in North Yorkshire.
Retailers have been feeling the pinch since the pandemic as shoppers are cutting back on their spending due to soaring inflation.
When prices go up, it squeezes households' incomes, meaning people have less money to spend.
This is bad news for shops, restaurants and pubs.
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