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Just a day after there were reports that Prezzo may close around 100 stores, the Italian restaurant chain has confirmed that it will be closing about a third of its outlets and slashing 1,000 jobs in an attempt to rescue the business.
Prezzo is owned by private equity firm TPG Capital.
The chain is closing as many as 94 restaurants — including all 33 outlets in its TexMex chain Chimichanga — and has entered into company voluntary arrangement (CVA), a step short of going into administration.
Earlier this week, retailer Toys R Us and Maplin had collapsed putting more than 5,000 roles at risk. Last month, celebrity chef Jamie Oliver’s company had confirmed that it was selling the upmarket Barbecoa steakhouses amid rising costs.