Prezzo to Close 92 Restaurants and Cut Jobs
- Pizza chain is the latest high street name to crumble
- A third of restaurants are closing
- Up to 1,400 jobs at risk
Italian restaurant chain Prezzo is having to shut 92 of its outlets in order to stay afloat, as it becomes the latest high street chain to face money woes.
It’s estimated that the move, which is backed by its creditors, will but 1,800 jobs on the line.
Prezzo will also be closing all 33 Chimichanga outlets, which the company owns.
The closures, as well as possible rent reductions, will try and repair Prezzo’s financial position and allow it to stay in business.
Jon Hendry-Pickup, Prezzo’s boss said, “I would like to thank our creditors and landlords for supporting our transformation plan.
“While we continue to be profitable, the pressures on our industry have been well documented.
“Despite this being a tough decision, the support given today by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders.
“It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues, and customers for their patience and support.”
This is one in a now long line of high street names that are having to close stores, or close down completely.
Other restaurant chains, like Byron and Jamie’s Italian, have both undergone similar restructurings this year, agreeing rescue plans with their lenders and landlords, and closing restaurants.
Businesses on the high street are facing a tough environments, as inflation has hit shoppers, and online giants have grown and taken customers away from the shops.
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