The US-born casual dining brand, which has nearly 250 UK locations, says it has faced significant disruption across its estate.
Despite a quick, safe reopening following the Coronavirus lockdown, sales are not expected to fully bounce back until well into 2021.
The CVA process is expected to launch tonight, with 450 job losses and teams at the affected sites being told today (9 September).
Pizza Hut adds that the move will not affect operations or jobs at Pizza Hut Delivery - which is a separately-owned entity that trades from a further 380 outlets - or any of its other franchises.
A spokeswomen 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.”
Founded in 1958 in Wichita, Kansas by Dan and Frank Carney, Pizza Hut opened its first UK restaurant in Islington in 1973.
The brand grew quickly in the late 80s 90s but the gradual unravelling of the relationship between joint partners Yum! and Whitbread in the late ’90s and early 2000s resulted in a chronic lack of investment and a corresponding decline in performance.
In 2012 Pizza Hut’s eat in arm was sold from Yum! to London-based turnaround investor Rutland Partners, with Yum! retaining the delivery side of the business.
The deal has seen more investment in the brand and a number of refreshes and a move into delivery.