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The move will lead to more than 1,200 redundancies, but 64 other restaurants will be saved.
The rising cost of cocoa has led to the manufacturers changing their recipe.
Rachel Reeves made the comments about the 2020 deal at a key meeting of the world's leading finance ministers and central bankers.
After five days talking to ministers, bankers and trade negotiators at the IMF, the BBC's Faisal Islam assesses the global outlook.
Beijing has avoided any sharp downturn but faces economic challenges including US tariffs.