Image copyright
Getty Images
Creditors of Italian restaurant business Prezzo have backed a restructuring plan that will see it close 94 outlets – about a third of the chain.
It is estimated the move could lead to 500 job losses. The chain, which is owned by private equity firm TPG Capital, employs about 4,500 people.
Prezzo is closing all 33 outlets of its TexMex chain Chimichanga.
Under the rescue plan, rents will be cut by between 25% and 50% at 57 sites.
The closures and rent reductions aim to repair Prezzo’s financial position and allow it to continue trading.
The deal was struck under a restructuring arrangement know a…
Read the full article at: http://www.bbc.com/news/business-43515133