Patisserie Valerie CEO: "It's a bittersweet time"
The bakery chain entered administration on Tuesday with the closure of 71 sites, including 27 Patisserie Valerie cafes, and the loss of 920 jobs.
In an update the company acknowledged the "personal devastation of losing hundreds of dedicated employees" but said its estate was now "smaller and more profitable" and had seen "strong sales" this week.
CEO Steve Francis said: “It sounds bizarre but it’s genuinely a positive development for the remaining business. I would rather have 2,000 fully employed staff than 3,000 with no future.”
Francis took over as CEO of the bakery group in November after his predecessor Paul May resigned amid the company’s accounting scandal.
Patisserie Holdings' remaining 121 sites continue to trade while a buyer is sought for the business.
An update on the Patisserie Valerie website said: “We have an exciting plan moving forward which was developed over the last month and has already kickstarted over the last 2 weeks, with a new management team, extended opening hours, new menus across the estate and the development of a loyalty app.
“The company is very grateful for the support from our loyal customers and we are all excited to continue greeting them in store and are encouraged by the strong sales from trading this week.”
