The company that owns Burger King and went into receivership last month has reached a compromise with landlords and creditors and will now be put up for sale.
The company said five of its 83 restaurants would close permanently: two in Wellington and three in Auckland.
It said staff would be redeployed to other sites where possible.
Antares Restaurant Group said the formal compromise was good news for the 1925 staff Burger King employed in New Zealand.
Antares has received $11.5 million in wage subsidies from the government.