Pizza Hut has proposed a Company Voluntary Agreement (CVA) that would see the closure of 29 restaurants and 450 job losses.
The group has said the CVA will help it to "mitigate the financial impact of Covid-19", with sales not expected to fully bounce back until well into 2021.
A spokesperson said: "We are committed to doing the right thing, and in order to secure as many jobs as possible and continue serving our communities, we are working to reach an agreement with our creditors. While we are likely to see 29 hut closures and 450 job losses, any measures we take aim to protect about 5,000 jobs at our remaining 215 restaurants, as well as the longevity of the business.
"We understand this is a difficult time for everyone involved. We appreciate the support of our business partners and are doing everything we can to help our team members during this process, including speaking with those affected by the consultation.
"This does not affect locations, jobs or operations at Pizza Hut Delivery, any of Pizza Hut Delivery's other franchises or any international Pizza Hut or Yum! operations. As a group, we look forward creating a future where we continue sharing pizza with our communities."