Pret’s in shambles alright. But above picture by @Ruffbinta on Twitter, where Storm Eunice knocked at Pret’s door a little too hard, is a good metaphor how Pret is a shadow of their past PR glory. Though, they’re still able to fool the public with a smiley front.
So, relax! Pret won’t go bust! Take a deeeeep breath and have some soothing camomile tea on the house. You’re just being fooled again. This is just their usual way to use the media to make people believe Pret’s crocodile tears!
In Germany they have a saying, “In der Not frisst der Teufel Fliegen”. Loosely translated, “In times of crisis, the devil eats flies”.
In other words, in unprecedented times we do things we’d NEVER EVER thought we’d do in “normal” times. We would even eat flies if it keeps us alive.
The problem here though is, Pret is NOT in trouble! They are doing the USUAL thing of using the media to keep luring customers in.
I explain this in the “Tränendüse” post from 2020 when CEO Pano Christou did a clever PR stunt using The Guardian.
Every link I post below shows evidence of how Pret keeps tricking the public.
Pret is desperate for customers. And what BETTER way to get customers in than saying, “We are about to close down if you don’t come and wait for 15 minutes to be served by our understaffed minumim-wage workers while we refuse to pay taxes and are busy counting our money … Hey boo, come on, buy our fertilizer.”
Link to @Karatee’s photo.
All the customers who not only boycott Pret, but vowed to never set foot inside Pret again (for lowering wages, coffee subscription issues, poor quality coffee and food, customer allergen deaths and injuries etc.), Pret wants to get back by squeezing their tears into a throw-away cup in hopes people return in droves.
Pret is back 93% pre-pandemic levels, but hey, someone needs to foot the bill for the loans Pret took out and all the lawsuits they’re hit with, including the recent settlement for FINGERPRINTING staff in Illinois agreeing to pay 800 staff a combined $677,000 (after lawyers take their share around $500 per staff)!
And at least 6 further lawsuits in the million for unpaid rents in the USA.
Give Pret 6-12 months, if not less, and they’re soaring again higher than before.
And most importantly, they still sleep well at nights.
Telegraph: “Pret scrambles to delay loan payments over ‘going concern’ warning – Coffee chain has until June to repay £66.7m after pandemic borrowing”
Link to Telegraph article.
The comment section shows a lot of insight into private equity. Some people aren’t fooled by this.
Quote from Hercule Smith: “This is a non story. The PE sharks are just running their business in their normal fashion: drowning in debt to negate tax (until just before they want to refloat it, when debt will just marginally reduce). They’ll drop in more equity when they have no choice, unless they spot a chance to dump the debt via a pre-pack or similar.”
Another quote: “How do you issue a warning and say you are continuing to expand?”
Bingo! As the above person already explained about the private equity sharks, Pret received £100 million from shareholders to open 200 more shops within 3 years. This will now be doubled to £200 million. Pret also received £185 million from owners JAB Holdings in tax-haven Luxembourg as well as the support from the government during furlough etc. There is NO plan to pay debt!
Another person wrote what I also thought yesterday, quote: “If they are struggling to pay £60m this year how on earth would they pay £600m next. As for trading at 93% od pre pandemic level I find that hard to believe.”
Exactly! Especially also with all the lawsuits and settlements, Pret have no urgency to pay any debt. I also find it hard to believe that Pret made 50 million coffees on the subscription. They claim 50 million cups on Instagram and Facebook but NOT on Twitter because more people would call Pret out on Twitter than Instagram & Facebook. And the press is more active on Twitter but not elsewhere.
Here one customer calling Pret out on their BS on IG which I posted on Twitter:
Link to IG
I worked at Pret A Manger and survived systemic workplace bullying during bereavement that involved HR, the top leadership, HQ and even the now “retired” former CEO Clive Schlee. I declined 4 settlement offers if I am silent about my ordeal. But I rather speak out to help others. For an overview of important blog entries of my experience with Pret, please visit “My Ordeal with Pret A Manger”. The little arrow to the right next to each heading will lead directly to the post.
An incomplete list on what other Pret staff say about Pret’s bullying environment: Caught in the Act Bullying at Pret.
I tell my story for the first time verbally in below audio player interview on a podcast by The Adam Paradox, and wrote two articles in the Scottish Left Review.
Please also see the MEDIA page for more.
Thank you for reading/listening.
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