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Wagamama owner Restaurant Group said it would close around 125 of its Frankie and Benny's restaurants and seek rent reductions on a remaining 160 sites in its leisure division.
The company said it would implement a company voluntary arrangement (CVA) for its leisure division, which principally comprises the Frankie and Benny's estate.
It said the arrangements would have no impact on its Wagamama, airport concessions and pub operations.
The CVA would provide a mechanism to cut the current leisure portfolio by exiting about 125 trading sites, as well as seeking improved rental terms on a portion of the remaining trading estate.
'Assuming the CVA is approved and successfully implemented, this will leave a remaining trading estate in the group's Leisure business of approximately 160 sites,' the company said.
'The CVA will also include a mechanism to exit approximately 25 previously closed leisure sites, thereby further reducing the existing onerous lease provision held on the group's balance sheet.'