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Prezzo restaurant chain to close 92 outlets

Creditors of the Italian restaurant business Prezzo have backed a restructuring plan that will see it close 92 outlets - about a third of the chain.

It's estimated the move, backed by most creditors, could jeopardise up 1,800 jobs.

The chain, which is owned by private equity firm TPG Capital, employs about 4,500 people.

Prezzo is closing all of the 33 outlets of its TexMex chain Chimichanga.

Under the rescue plan rents will be cut by between 25% and 50% at 57 sites.


BBC News

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