Buzz People

Prezzo to close 94 restaurants in rescue bid

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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