Dutch restaurant chain Wagamama has reached an agreement with its creditors, allowing it to avoid bankruptcy. The chain experienced severe financial problems last year due to a combination of excessive debt and Covid lockdowns.
The Wagamama group consists of ten limited companies, all of which had to reach separate agreements with each group of creditors. All suppliers finally agreed to restructure their debt. In addition, all employees can now continue their jobs.
CEO Arjen Schrama and lawyer Christiaan Mensink are very pleased with the rescue of the company: “We can once again meet our financial obligations and the future of the company is bright. All jobs have been retained and we are seeing an increase in turnover in all restaurants. At the same time, relations with all stakeholders, such as suppliers, owners and investors, have remained good.”
The noodle restaurant chain has more than 150 branches worldwide and employs over 6,000 people. Wagamama welcomed a new chef in 2016, when The Restaurant Group bought the chain.