Prezzo set to close 100 restaurants in rescue attempt


No confirmation can now be given on the status of the Albert Street branch but Prezzo, owned by private equity firm TPG Capital, is understood to be releasing documents outlining which branches will be affected.

Prezzo would become only the latest casual dining chain to use a CVA to secure its future in response to soaring costs and restaurant oversupply, following in the footsteps of Byron, the posh burger chain, and Jamie's Italian.

A total of 100 of Prezzo's 300 outlets have been earmarked for closure, as well as its Tex-Mex chain Chimichanga.

Several hundred of the 4,500 jobs at Prezzo are likely to be impacted as a result of the restructure, though the company is understood to be aiming to redeploy staff at affected sites to other restaurants in its portfolio.

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This news comes as on the same day it was announced Toys R Us is to begin an "orderly wind down" of the business after going into administration, with its 100-plus United Kingdom stores likely to close. The UK arm of toy retailer Toys R Us and electronics chain Maplin both collapsed into administration this week.

If plans, revealed by an insider at the brand, go ahead it could involve the complete closure of chain Chimichanga, meaning Lincoln's much-loved Brayford Wharf restaurant would shut down.

Prezzo's creditors will be asked to approve proposals under which its restaurants' landlords accept rent reductions.

Spokespeople for Prezzo and TPG declined to comment.