Roadside restaurant chain Little Chef has confirmed it is closing 67 of its 161 outlets, resulting in the loss of up to 600 jobs.
The company said on Wednesday that between 500 and 600 jobs would be cut - almost a quarter of the workforce.
A mixture of full and part-time roles will go at sites across the UK, leaving around 1,500 staff in the firm's employment.
The sites earmarked for closure have been trading unprofitably for a number of years due to "a variety of economic and locational factors", Little Chef's owners said.
The troubled food chain fell into administration in 2007 but it was saved by private equity turnaround group RCapital, which brought the majority of the business and assets.
In 2008 Michelin-starred chef Heston Blumenthal was hired to try and revive the business but so far his menu is available in only ten Little Chef restaurants.
Less than 100 branches will now remain open.
The GMB union, which represents Little Chef workers, reacted angrily to the announcement.
Senior officer Paul Maloney said the chain had been "financially engineered to death".
He added: "Little Chef has had so many owners over the past decade that GMB members have struggled at times to keep up with who owns what.
"What GMB members have had no difficulty in following is the extent to which the private equity owners asset stripped the organisation with the sale and lease back of land at unaffordable rents which killed off hundreds of restaurants.
"Private equity has been a disaster for jobs while enriching the multi- millionaire elite."
In a statement, RCapital said the decision to close almost 70 outlets was "essential" to allow the company to focus on developing its remaining sites.
These sites will be revamped with a "Heston-treatment", while there is also a strategic plan to expand the business again over the coming years, the firm added.
Little Chef chairman Graham Sims said: "When we acquired Little Chef four years ago we inherited a number of sites with leases that were uncompetitive.
"Despite very hard work from some very committed colleagues we have been unable to lift the performances of these sites to a level where they are viable.
"Consequently, following a thorough review in which we considered all the options, it is with regret that we have had to close a number of sites."
Former Little Chef employee and business editor of The Sun Steve Hawkes told Sky News that previous attempts to revive the brand had failed - but the company now had "one last throw at the dice".
He added: "Little Chef is one of those brands that everyone seems to love and have a lot of nostalgia for, but no one ever actually goes there and spends any money."
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