Bakery chain Le Pain Quotidien has been forced to close all but one of its branches after collapsing into administration.
The chain, which has eight branches across London, has closed all of its sites except for a cafe in St Pancras station, reported City AM.
The business said its other stores had closed on June 30 and that it had “explored every possible option" to save the business but it had “not been possible to rescue it".
A note posted outside one of its sites 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.”
Sarah Rayment, global co-head of restructuring at Kroll, said: “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, which is French for “the daily bread”, was founded in Brussels in 1990 and trades from more than 260 locations worldwide.
