P.M. BRIEFING : Grand Met to Reorganize
From Times Wire Services
LONDON —
Grand Metropolitan PLC, the British food and liquor giant, said today it will reorganize its retail operation by forming two separate companies to manage its pubs and restaurants.
The new pub company will run the Chef and Brewer, Clifton Inns and Berni operations, while the restaurant company will handle Old Orleans, Pastificio, Pizzaland and Perfect Pizza businesses, Grand Met said.
The move will mean significant savings within the retail division, said the group, which owns Pillsbury Co. of the United States.
About 70 pubs and restaurants will be put up for sale, and about 300 office jobs will be lost, Grand Met said.
