Restaurant chain Prezzo will axe 22 restaurants and cut 216 jobs after it was rescued out of administration. Cain International, which only bought the chain in December, has bought it back from administrators in a pre-pack deal to secure its future.
The owner said the action protects the vast majority of Prezzo's 2,900 team members' jobs. All of the chain's 178 restaurants are currently closed to customers in the face of the latest national coronavirus lockdown.
Prezzo's restaurants had been able to operate for just 25 weeks out of the past 52 weeks but has seen fixed costs and rent accumulate, Cain International said.
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