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Jamie Oliver's restaurant chain collapses, risking 1,300 jobs

Celebrity chef Jamie Oliver's British restaurant chain has become insolvent, putting 1,300 jobs at risk.

The firm said Tuesday that it had gone into administration, a form of bankruptcy protection, and appointed KPMG to oversee the process.

The company operates 23 Jamie's Italian restaurants in the U.K. The company had been seeking buyers amid increased competition from casual dining rivals, according to The Guardian. Oliver began his restaurant empire in 2002 when he opened Fifteen in London. 

Oliver, known around the world for his cookbooks and television shows, said he was "deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade."

He said "I appreciate how difficult this is for everyone affected."