Jamie Oliver’s Italian restaurant empire is in jeopardy of having to close after racking up debts of a whopping $125 million.
The British chef – who lives in a $17 million mansion in London’s afluent Hampstead, along with his wife Jools and their five children – is said to have begged landlords to slash the rents and has confirmed he is selling 12 of his 25 UK restaurants, with 450 jobs expected to be lost.
The news comes after High Court documents revealed Jamie’s company owes over $52 million in overdrafts and loans. It is also $73 million in debt with creditors including landlords and suppliers, and staff are owed $3.89 million.
So far, Jamie’s Italian locations in Australia have not been affected by the debt crisis.
For the full story see this weeks issue of New Idea – out now!
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