From: https://www.theguardian.com/business/2018/feb/28/prezzo-restaurant-chain-to-close-a-third-of-its-uk-branches yesterday:
"The Italian restaurant chain Prezzo is to close a third of its 300 UK branches, putting about 1,000 jobs at risk, the latest victim of the casual dining crunch.
The chain, owned by the US private equity group TPG Capital, hopes to engineer a turnaround plan echoing steps taken by the burger chain Byron and Jamie’s Italian to keep themselves afloat.
Prezzo’s creditors will be asked to approve proposals under which its restaurants’ landlords accept rent reductions.
About 100 unprofitable outlets are likely to close altogether, including all branches of its Tex-Mex offshoot, Chimichanga, in an attempt to put the business on a sound long-term financial footing.
While landlords have yet to agree to the plan – known as a company voluntary arrangement (CVA) – it is expected to result in about 1,000 of the 4,500-strong UK workforce losing their jobs.
Sources close to the company said staff would be transferred to the surviving restaurants where possible."