PizzaExpress to Shut Scores of Outlets, Overhaul Debt (Correct)

Britain’s troubled PizzaExpress chain announced a rescue plan Tuesday that’s likely to close scores of restaurants, put hundreds of pizza chefs and waiters out of work and hand control of the business to creditors.

As part of the proposals, the company will implement a legal process known as a company voluntary arrangement that may permanently close about 15% of U.K. restaurants, putting 1,100 jobs at risk, according to a statement Tuesday.

“This decision is a very difficult one,” the company said. “However, against the current unprecedented backdrop, PizzaExpress believes reducing the size of its estate will help it to protect ...