The Fortizza in Sliema will no longer house the TGI Friday's restaurant after the Farsons Group relinquished the international franchise.

The five employees have been absorbed into the other restaurants operated by Farsons' subsidiary Food Chain Ltd, while the part-timers were also offered the opportunity to continue working, a company official told The Times yesterday.

Company secretary Arthur Muscat said TGI Friday's will be closing down "very soon".

He declined to say what will become of the Fortizza, a landmark property which is leased to the Farsons Group by the government.

"Farsons still has a long lease on the place and we will shortly be deciding on how to utilise it," Mr Muscat said.

Food Chain is the holder of the franchise for Burger King, Pizza Hut and KFC and operates a number of restaurants. The most recent addition was the Burger King restaurant at Malta International Airport.

Mr Muscat said the Farsons Group was not declaring any forced redundancies.

He explained that as part of the ongoing restructuring programme the company was offering, on a voluntary basis, early retirement to selected employees who are within two or three years of retirement age.

"The company is constantly restructuring its operation and on a strictly voluntary basis is offering an early retirement scheme to particular people who don't need to be replaced," Mr Muscat said.

The official confirmed that around 25 employees have taken up the scheme over the past 18 months.

Farsons, with a market capitalisation of €48.8 million, is listed on the Malta Stock Exchange. No trade in the company's shares took place yesterday and the price closed at €1.90.

ksansone@timesofmalta.com