Prezzo to close almost 100 restaurants with loss of about 500 jobsAbout 500 jobs are to go at Prezzo after the restaurant chain agreed a restructuring plan that will lead to the closure of nearly 100 sites. A total of 94 of Prezzo’s 300 outlets will close, with about 500 jobs understood to be in danger, although many staff will be redeployed at other restaurants. Jon Hendry Pickup, the chief executive of Prezzo, said: “I would like to thank our creditors and landlords for supporting our transformation plan. Photograph: Kristin Lee/Tetra images RFAs well as staff costs and lower footfall, the chains have been stung by the collapse in the pound, which has ramped up the cost of buying ingredients. Earlier this week, New Look agreed a restructuring plan with creditors that will see it shut 60 stores, resulting in the loss of up to 980 jobs.

Source: The Guardian March 23, 2018 16:07 UTC