TPG Capital-owned Prezzo is preparing a CVA and has already decided to close all of its Chimichanga restaurants.
It is expected that it will close around one-third of its 300 outlets including the 33 Chimichangas.
The move is understood to be “pre-emptive” rather than the business being on the brink of collapse.
AlixPartners is overseeing the process and will lead rent reduction negotiations with landlords.
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