Pepper Food to Sell Pepper Lunch Steakhouse Biz
Tokyo, July 3 (Jiji Press)--Japan’s Pepper Food Service Co. <3053> said Friday that it will sell its Pepper Lunch steakhouse chain business to a holding company under Tokyo-based investment fund J-Star Co. for about 8.5 billion yen.
Pepper Food also said it will close unprofitable outlets of its mainstay Ikinari Steak restaurant chain and seek around 200 voluntary redundancies, accounting for a quarter of its current personnel.
Furthermore, the company indicated that it will withdraw from the United States, through a U.S. subsidiary’s bankruptcy filing.
Pepper Food aims to improve its financial base and rebuild the Ikinari Steak chain promptly.
J-Star has previously invested in a Japanese restaurant chain operator.
[Copyright The Jiji Press, Ltd.]