Prezzo to Shut Several Outlets, Threatening 810 Jobs
Italian restaurant chain Prezzo is set to close multiple locations, putting around 810 jobs at risk. After the closures, Prezzo will operate 97 restaurants and employ roughly 2,000 people.
Post-COVID Struggles and Rising Costs Hit Hard
The private equity-owned chain cited a tough post-COVID recovery in certain areas as a key reason for the shutdowns. CEO Dean Challenger admitted, “The last three years have been some of the most difficult times I have ever seen for the high street.”
He added, “The cost-of-living crisis, the changing face of the high street, and soaring inflation have made keeping all of our restaurants profitable impossible.”
Skyrocketing Bills and Food Prices Squeeze Prezzo
The company revealed that power bills have more than doubled recently while food costs hit a 45-year peak last month. These surging expenses have forced Prezzo to take tough action.
Prezzo Vows to Protect Jobs Where Possible
Despite the job cuts, Prezzo promises to try redeploying as many staff internally as it can. The chain insists these tough decisions will help it continue offering affordable, high-quality Italian meals for years to come.
