The Telegraph reports that the grab-and-go sushi chain has set out the restructuring plans to shore up its finances following months of closure, and comes after it hired restructuring experts AlixPartners to explore options for the business last month.
Itsu has said that a combination of "zero trade and ongoing social distancing" means trading across its 77-strong estate will be significantly affected this year and next.
It added that the group will seek to protect as many jobs as possible and does not anticipate large scale redundancies.
Itsu currently employs 1,115 people.
An Itsu spokesperson told The Telegraph: "Until the crisis struck in March this year, Itsu was on track to enjoy record sales and growth.
"However, the unavoidable combination of months of zero trade and ongoing social distancing will significantly affect 2020/2021 and beyond.
"City centres and financial districts are also certain to change with businesses incorporating more regular home working by staff.
"The CVA is just one of many actions Itsu is taking to adapt its model to meet the new operating environment."
As well as the CVA, which will be subject to a vote later this month and must be approved by landlords, the group will also look to streamline its menu and invest in self-service and pre-order technology going forward.
Itsu was launched by Pret a Manger founder Julian Metcalfe in London back in 1997.