By Adria Calatayud

Pizza Hut Restaurants, the U.K. dine-in franchise business of the Pizza Hut brand, said Wednesday that it is likely to close 29 restaurants and cut 450 jobs as it negotiates a company-voluntary agreement to mitigate the impact from the pandemic.

The company said sales aren't expected to fully bounce back until well into 2021. Any measures adopted will aim to protect about 5,000 jobs at its remaining 215 restaurants, Pizza Hut Restaurants said.

"We are committed to doing the right thing, and in order to secure as many jobs as possible and continue serving our communities, we are working to reach an agreement with our creditors," a company spokesperson said in an emailed statement.

Pizza Hut Restaurants' plans don't affect locations, jobs or operations at Pizza Hut Delivery or any international Pizza Hut or Yum! Brands Inc. operations, it said.

If its rescue plan goes ahead, Pizza Hut would become the latest business to resort to a company-voluntary arrangement in the U.K. On Monday, rival pizza chain PizzaExpress Ltd. said creditors had approved its proposed CVA, putting 1,100 jobs at risk. 



  Write to Adria Calatayud at adria.calatayud@dowjones.com