The Italian restaurant chain says the closures will affect sites that have not recovered from the worst of the COVID-19 pandemic as quickly as hoped.
Prezzo will close 46 loss-making restaurants as it struggles with soaring energy and food costs.
The move will put around 810 workers at risk of redundancy, the Italian restaurant chain said, although it will try to redeploy “as many staff internally as possible”.
The private equity-owned business said the cuts will affect sites where “the post-COVID recovery has proved harder than we had hoped”.
After the closures, the chain will have 97 restaurants and around 2,000 staff.
Dean Challenger, chief executive of Prezzo, said: “The last three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.