FULL LIST: Prezzo to shut 94 restaurants with 500 jobs to go including sites in Peterborough and Stamford
The closures include Prezzo in Stamford and Chimichanga in Peterborough, a brand owned by the same company.
The company, owned by private equity firm TPG Capital, secured the backing of creditors for Company Voluntary Arrangement (CVA) on Friday, which will allow the Italian-themed chain to exit unprofitable branches and secure rent reductions.
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Hide AdA total of 94 of Prezzo's 300 outlets will close, with around 500 jobs understood to be in the firing line, although many staff will be redeployed at other restaurants.
Prezzo, which worked with AlixPartners on the restructuring, employs 4,500 people across its stable of restaurant brands, which also include Chimichanga, MEXIco and Cleaver.
The CVA proposal was backed by 88% of the creditors, including landlords.
Prezzo boss Jon Hendry-Pickup said: "I would like to thank our creditors and landlords for supporting our transformation plan.
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Hide Ad"While we continue to be profitable, the pressures on our industry have been well documented.
"Despite this being a tough decision, the support given today by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders.
"It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues and customers for their patience and support."
The 94 restaurants identified for closure are likely to shut in April and May, Prezzo said, and staff will be made aware of the exact dates as soon as they have been confirmed.
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Hide AdThe news comes at a bleak time for the high street and the casual dining sector in particular.
This year has also seen burger chain Byron and Jamie's Italian undertake CVAs as they come under increasing pressure from rising costs and falling consumer confidence.
As 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.
Soaring business rates, National Living Wage costs and the Apprenticeship Levy have also taken their toll.
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Hide AdNews of Prezzo's store closures come in a dismal first quarter for the UK high street, with Carpetright also announcing the prospect of closing outlets on Wednesday and Moss Bros and Mothercare also in the doldrums.
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.
The FULL LIST of Prezzo owned restaurants to close is:
Abergavenny
Alton
Amersham
Arundel
Barnet
Barnstaple
Bedford (operates under MEXIco brand)
Belfast, Victoria Square
Belfast, Boucher Road
Beverley
Blackpool
Blandford, Dorset
Bournemouth (operates under Chimichanga brand)
Braintree, Charter Way
Braintree (operates under Chimichanga brand)
Brentwood, High Street
Brentwood High Street (operates under Chimichanga brand)
Bromley (operates under Chimichanga brand)
Canterbury (operates under Chimichanga brand)
Cardiff (operates under Chimichanga brand)
Carlisle
Carmarthen
Catterick
Chatham (operates under Chimichanga brand)
Chelmsford
Chester (operates under Chimichanga brand)
Cobham (operates under Cleaver brand)
Cramlington, Northumberland
Crawley (operates under Chimichanga brand)
Dalton park
Darlington
Manchester, Deansgate
Derby (operates under MEXIco brand)
Ealing (operates under Chimichanga brand)
Eastleigh (operates under Chimichanga brand)
Edinburgh
Falmouth
Fareham, Hampshire (operates under Chimichanga brand)
Farnham, Surrey
Formby
Glasgow Fort
Gloucester
Guildford
Halstead
Haywards Heath
Hereford, Garrick Lane
Hereford, Garrick Lane (operates under Chimichanga brand)
Hornchurch (operates under Chimichanga brand)
Ipswich (operates under Chimichanga brand)
Kettering (operates under Chimichanga brand)
Kingston
Leicester
Lewes
Lincoln (operates under Chimichanga brand)
Maidstone (operates under MEXIco brand)
Midhurst
Milton Keynes (operates under Chimichanga brand)
New Brighton (operates under Chimichanga brand)
Newbury
Newcastle
Newquay
Northwood
Norwich
Nottingham
Penarth
Peterborough (operates under Chimichanga brand)
Port Solent, Portsmouth (operates under Chimichanga brand)
Poulton
Ripon
Sheffield, Broughton Lane
Sheffield, Ecclesall Road
Silverburn (operates under Chimichanga brand)
Solihull (operates under Chimichanga brand)
South Woodford (operates under Chimichanga brand)
Southampton, 25 Oxford Street
Southampton (operates under Chimichanga brand)
St Annes-on-Sea
St Austell
Stamford
Stevenage
Stratford Upon Avon
Sudbury
Taunton
Telford Southwater (operates under Chimichanga brand)
Tewkesbury
Wandsworth
Wandsworth (operates under Chimichanga brand)
Warrington
Watford (operates under Chimichanga brand)
West Bromwich
Wokingham
Woodley
Yate
Yeovil