German restaurant franchise company Vapiano (VAO.DE) said on Thursday it had applied to start insolvency proceedings, becoming another high street casualty of a national coronavirus lockdown that is expected to remain in force for weeks.

Parent company Vapiano SE said it had filed for insolvency at a district court in Cologne and was evaluating whether insolvency applications would need to be filed for its group subsidiaries.

Shares in Vapiano, whose restaurants offer pizza, pasta and salads, collapsed by two-thirds, bringing year-to-date losses to over 90% and putting the company in penny stock territory with a market value of just $25 million.