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Pizza chain Prezzo to close 94 restaurants

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Italian restaurant chain Prezzo plans to close about a third of its outlets in an attempt to rescue the business.The chain, which is owned by private equity firm TPG Capital, employs about 4,500 people. Prezzo is closing 94 restaurants - including all 33 outlets in its TexMex chain Chimichanga - leaving the firm with 208 sites.The closures aim to repair Prezzo's financial position and allow it to continue trading.Prezzo has entered a restructuring arrangement know as a company voluntary arrangement (CVA) - a step short of going into administration.
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Prezzo was bought by TPG in 2014 for just over ?300m.It is the latest of a string of High Street firms to run into difficulties. The UK arm of toy retailer Toys R Us and electronics chain Maplin both collapsed into administration this week.Burger chain Byron and Jamie's Italian have both had to undergo similar restructurings this year, agreeing rescue plans with their lenders and landlords, and closing restaurants.Barbecoa, a smaller chain also owned by Jamie Oliver, went into administration earlier this month.
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