The Restaurant Group, which owns Chiquito, said it would also close down its 12 Food and Fuel chain pubs in London.
The move will put up to 1,500 jobs at risk.
It comes as businesses across the country struggle to stay afloat while the economy takes a disastrous hit due to the Covid-19 lockdown.
Before and during Coronavirus lockdown - In pictures
The chain is thought to be the first major UK restaurant casualty during the coronavirus crisis.
The owners of Chiquito restaurants put the chain into administration less than a week after the company said sales plummeted 12.5 per cent over two weeks.
The Restaurant Group, which also owns Wagamama and Frankie & Benny's, said a total of 60 Chiquito sites will remain shut.
A spokesman said: "Covid-19 has had an immediate and significant impact on trading across the Group.
"We have conducted a review of the performance of our business divisions, with a particular focus on the expected future cash generation profile of each of our business units."
He added that both groups are expected to hit losses this year, "as a result, the Group has taken the very difficult decision to appoint administrators for Food & Fuel Limited and filed a notice of intention to appoint an administrator for Chiquito Limited.
"The decisions have been incredibly difficult and we recognise the significant impact on all of our colleagues that are affected. We thank them for their hard work and commitment during these very testing times."
Pubs and restaurants have faced a tough week, with the Government announcing their closure, although takeaway services are allowed to continue.
Marston's, which runs 1,400 pubs across the country, and Mitchells & Butlers, the owner of Toby Carvery and All Bar One also both warned they were struggling.
