Now Italian chain Prezzo is in trouble

Italian restaurant chain Prezzo which runs 17 eateries across the North West is planning to close about 100 of its 300 restaurants.

The chain is owned by private equity company TPG Capital – for which it paid £300m in 2014- and employs 4,500 staff.

Prezzo’s Chimichanga TexMex chain, which has 33 restaurants in the UK is also to close completely.

According to the BBC News, the closures would form part of a deal to renegotiate debts owed by Prezzo to its landlords.

Restructuring company AlixPartners is said to be drawing up a company voluntary arrangement which would allow Prezzo to carry on trading while its debts are being pursued.

This follows the collapsing into administration of major retailers Toys R Us and Maplin yesterday (Wednesday, February 28).

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