Home Breaking ‘Tough decision’: Italian chain Prezzo to shut 94 restaurants

‘Tough decision’: Italian chain Prezzo to shut 94 restaurants

by LLB Reporter
23rd Mar 18 2:15 pm

Around 500 jobs will be affected by this decision

Italian-themed chain Prezzo today won agreement from creditors on a rescue deal that will see it close its unprofitable branches — 94 of its 300 restaurants.

It is understood that around 500 jobs will be affected by this decision. Prezzo will make all efforts to redeploy such workers.

Talking about the “tough decision”, Prezzo chief executive Jon Hendry-Pickup told media: “While we continue to be profitable, the pressures on our industry have been well documented.”

Under the plan, Prezzo— owned by the private equity firm TPG Capital— will also execute rent reductions of 25 per cent to 50 per cent at 57 sites.

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