Tasty lays off 32% of staff ahead of expected weak trading

Tasty PLC (LON:TAST) has let go 284 staff members, accounting for 32% of its workforce.

The owner of Wildwood and Dim T restaurants is planning a phased reopening of “a limited number of sites” over the next few weeks but anticipates a drop in footfall due to restrictions to prevent the spread of coronavirus.

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The firm added it is exploring ways to cut costs, including potential new debt or equity capital, as well as discussing terms with landlords and trade creditors.

A week of redundancies

But AIM-listed Tasty is only the latest UK firm to announce redundancies this week, with Boris Johnson imploring companies to “keep supporting your workers with the furloughing scheme” adding “it is much better now to wait for times to get better rather than laying people off”.

On Tuesday he said that the current government plans to “deliver jobs, jobs, jobs”.

Its competitor Casual Dining Group, owner of Café Rouge and Bella Italia, went into administration with 1,900 staff losing their jobs, while operator of eateries in airports and train stations SSP Group plc (LON:SSPG) is mulling over 5,000 cuts.

There were several casualties in the retail sector, with John Lewis announcing Read More – Source