Celebrity chef Jamie Oliver announced on Tuesday that his restaurants in the UK have filed for bankruptcy. That's because the restaurant chain has struggled in recent years with debt, rising costs and an increasingly saturated market. All but three of Mr. Oliver's 25 restaurants will close and about 1,000 employees will lose their jobs, according to KPMG, the business consulting firm now set to take over the administration. The remaining branches - two Italian restaurants and a diner at Gatwick Airport - will remain open indefinitely.
“I am devastated that our beloved restaurants in the UK are having to declare bankruptcy,” Oliver wrote on Twitter. “I am deeply saddened by this development and would like to thank everyone who has given their heart and soul to this business over the years.”
Oliver founded the Jamie's Italian restaurant chain in 2008 after rising to fame on his cooking show The Naked Chef.
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The restaurants' financial difficulties began as early as 2016. The directors of the “Jamie Oliver Restaurant Group” have worked tirelessly to stabilize the business and the TV chef has had to invest millions from his own pocket. The company has been looking for buyers since the end of last year without success. To make the investment more attractive, the star chef put up an additional 4 million pounds, or about $5 million. But competition in the casual dining sector is stronger than ever.
His restaurants aren't the only ones grappling with a saturated market. Other restaurants in the UK thatItalian foodand serve hamburgers, have closed branches in recent months and should be restructured. Italian restaurant group Prezzo closed nearly 100 restaurants last year, while the Byron Burger chain had to restructure and close around 20 of its outlets.
