Financial consultants Langton Capital wrote on Twitter: "Pizza Express reportedly about to engage in talks with creditors".
In recent years Pizza Express has looked to expand beyond its core United Kingdom restaurant business - by partnerships with supermarkets and Deliveroo in the United Kingdom and by looking at growth overseas.
Popular restaurant chain PizzaExpress is facing an uncertain future after it allegedly hired financial advisers to deal with mounting debts.
Jamie Oliver's Italian chain also filed for insolvency in May this year, with all but three of the TV chef's 25 United Kingdom restaurants shutting it's doors. The accounts showed that a higher United Kingdom wage bill and property costs weighed on profitability amid a testing year for the casual dining sector.
MORE: "Dreams do come true" - How businessman saved Barham Lakes Its most recent accounts show it had a debt of £1.1bn at the end of a year ago - more than £1.6m per restaurant.
What do you think of Pizza Express' reported struggles? "No" and they have a wider choice of food to order at home".
Pizza Express' rival Prezzo shut down the majority of its restaurants last year and Jamie Oliver's Italian chain filed for insolvency in May this year.
"Even restaurants can not escape the on-line revolution, due to the rising dominance of the delivery apps and the vast choice, and therefore competition, they offer".
Unite the Union said: "Worrying news that Pizza Express is in trouble".
One admitted they would be "genuinely devastated" if Pizza Express were to close its doors.
Representatives from Houlihan Lokey Inc declined to comment when approached by Bloomberg.
A third tweeted: "I AM DEVASTATED ABOUT PIZZA EXPRESS".