Hundreds of positions are at risk at about 100 Prezzo-owned outlets, though an insider told Sky News the number of lost jobs was expected to be far below a third of the full 4,500-person workforce.
Lincoln's Tex-Mex Chimichanga restaurant is under threat of closure according to reports from Sky News.
Prezzo is owned by private equity firm TPG Capital.
The move to close 100 of its 300 stores would form part of a deal to cut rent costs in the future.
Public to pay tribute to Rev. Billy Graham in Charlotte
Finally, a funeral and burial service will be held beginning at noon Friday on the library grounds in Charlotte. A free shuttle will take people back and forth from the lots to the library before ending at 9:30 p.m.
The company now has a workforce of 4,500.
The CVA process will reportedly be rolled out "in the next few days" and will involved landlords to secure rent reductions at Prezzo restaurants.
It is the latest of a string of High Street firms to run into difficulties.
Murrayfield tunnel footage suggests Owen Farrell defended George Ford
Jones unsurprisingly didn't give anything away when asked about the incident. We got beaten at the breakdown and we've got to find out why.
Company voluntary arrangements have been used by burger chain Byron and Jamie's Italian in recent months as the high street battles rising inflation and increases to the minimum wage.
Prezzo warned in its financial accounts previous year that the casual dining market was encountering a "turbulent" time and its worst fears appear to have been realised despite efforts to rein in costs and offload unprofitable sites.
As well as staff costs and lower footfall, the chains have been stung by the collapse in the pound, which has ramped up the cost of buying ingredients.
Israeli forces open fire on Palestinian fishermen off Gaza coast, kill one
According to the Times of Israel, a half of some 4,000 Gazans who earn their living by fishing live below the poverty line. The Gaza Strip's border with Egypt has also been largely closed in recent years.