Prezzo to close 46 ‘loss-making’ sites and put 810 jobs at risk of redundancy, according to Bucks Herald.
Prezzo is closing 46 restaurants putting 810 jobs at risk of redundancy, it has been announced. The Italian restaurant chain is set to close its ‘loss making’ sites.
The closures will leave the hospitality chain with 97 restaurants and about 2,000 staff. Prezzo staff were informed about the closures on Monday morning, with a consultation process launched.
Dean Challenger, chief executive of Prezzo, said: “The last three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.
“But the reality is that the cost-of-living crisis, the changing face of the high street and soaring inflation has made it impossible to keep all our restaurants operating profitably.
“We believe the tough decisions we are making today will ensure Prezzo can continue serving communities with high-quality, accessible Italian-inspired meals for many more years to come.”
Prezzo said it will work to redeploy “as many staff internally as possible” and will support others in new opportunities. The restaurant group said costs have increased over the past year, with its utility bills more than doubling and double-digit wage inflation.
