Troubled dining chain Pizza Express is set to close 73 of its 449 restaurants after its company voluntary arrangement was approved by its creditors.
More than 89% of creditors voted in favour of the CVA, exceeding the required 75% majority.
The restructuring will result in around 1,100 job losses.
The company said that 335 of its restaurants in the UK are open and trading.
Pizza Express stated: “The directors of Pizza Express thank its creditors for their support during this period and look forward to ongoing partnership as the hospitality industry recovers to growth.
“The CVA is a key component of a wider financial restructuring which will strengthen the business for the future.
“The successful vote unlocks the company’s ability to actively address the challenges brought by Covid-19, securing over 9,000 jobs in the UK.”
The chain has also hired advisers from Lazard to find a buyer for the business.
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