East-Asian inspired grab-and-go chain, itsu is preparing to undertake a company voluntary arrangement, which proposes rent cuts at 53 of its 77 locations, and two closures.
The company said that a CVA is the 'best solution to support a viable company going forward'.
The CVA, which is being overseen by advisers at AlixPartners, will not include a sale or new investment being sought, and large-scale redundancies are not part of the plan.
Creditors will vote on the CVA proposals on 19 August.
Before the pandemic, Itsu had been heading for a record year, but after months of closure, figures will struggle to rise again this year.