Revealed: Chimichanga restaurants in Ipswich and Braintree and 94 Prezzo branches to close
PUBLISHED: 17:34 02 March 2018 | UPDATED: 12:58 04 March 2018
TexMex chain Chimichanga diners in Essex and Suffolk will close, it has been revealed.
The branches in Cardinal Park, Ipswich, and Braintree are among all 33 outlets in the Chimichanga chain to close.
It is part of a plan by Italian restaurant chain Prezzo to close about a third of its outlets in an attempt to rescue the business.
The chain, which is owned by private equity firm TPG Capital, employs around 4,500 people.
Prezzo is closing 94 restaurants, including all 33 of its Chimichanga chain.
The future of the firm’s restaurants in Ipswich, Woodbridge, Felixstowe, Sudbury, Aldeburgh, Bury St Edmunds, Haverhill, Beccles, Newmarket, Colchester, Halstead, Braintree and Witham is not yet clear.
The closures aim to repair Prezzo’s financial position and allow it to continue trading.
Prezzo has entered Company Voluntary Arrangement (CVA) which will allow it to cut some of its debts and enable it to continue trading.
The retail market has suffered this week with Toys R Us and electronics chain Maplin both entering administration this week.