Fears for Sheffield Pizza Express with chain set to close almost 70 restaurants
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The dining chain, which has a number of outlets in Sheffield, said it plans to launch a Company's Voluntary Arrangement (CVA) restructuring deal in the near future, in a move which could lead to the closure of 15% of its 449 UK restaurants.
However, it stressed that the final outcome of the restructuring has "yet to be decided".
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Hide AdPizza Express said it has also hired advisers from Lazard to lead a sale process for the business.
The company closed all its UK restaurants on March 23 after the Government-mandated lockdown.
Zoe Bowley, UK and Ireland managing director, said: "Our business has a long history of success, but the UK-wide lockdown has hit the hospitality industry particularly hard.
"While the financial restructuring is a positive step forward, at the same time we have had to make some really tough decisions.
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Hide Ad"As a result, it is with a heavy heart that we expect to permanently close a proportion of our restaurants, losing valued team members in the process."
Andy Pellington, group chief finance officer, said: "While we have had to make some very difficult decisions, none of which has been taken lightly, we are confident in the actions being taken to reduce the level of debt, create a more focused business and improve the operational performance, all of which puts us in a much stronger position."