Prezzo is set to close about a third of its restaurants, including its Stevenage Old Town outlet, but not its premises in Welwyn Garden City, St Albans, Hatfield, Hitchin, Letchworth or on the Stevenage Retail Park.
The casual dining chain is closing 94 outlets, including 33 of its Tex Mex Chimichanga restaurants, in a bid to save the struggling business.
About 1,000 jobs are expected to be lost.
Prezzo is owned by private equity firm TPG Capital and has entered into a company voluntary arrangement, which is a restructuring arrangement.
It has not gone into administration.
Prezzo is not the first high street restaurant chain to take a financial battering.
Both Jamie’s Italian and burger chain Byron have had to restructure.
Prezzo, which is thought to employ about 4,500 people, will press ahead with trying to renegotiate rents on the premises of its continuing restaurants.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here