Electrical-transport, magnetic and structural properties of the ferrimagnetic semiconductor FeCr${}_{2}$S${}_{4}$ (${T}_{\mathrm{N}}$ $=$ 170 K) have been studied by electrical resistance, $R$($P$, $T$), ${}^{57}$Fe M\"ossbauer spectroscopy (MS), and synchrotron x-ray diffraction to 20 GPa using diamond anvil cells. It was found that the local maximum, ${R}_{\mathrm{max}}$($P$) on the $R$($T$) curve, corresponding to the colossal magnetoresistance effect, is substantially reduced and broadened with pressure increase accompanied by a shift to higher temperatures and finally disappears at \ensuremath{\sim}7 GPa, the highest pressure of the single, high-spin spinel phase designated as LP1. Suppression of ${R}_{\mathrm{max}}$($P$) precedes a gap closure leading to metallization at \ensuremath{\sim}7 GPa. The 7--10 GPa range is a coexistence pressure zone composed of three phases: (i) LP1, a paramagnetic spinel (SG $Fd$3$m$); (ii) LP2, a nonmagnetic isostructural spinel; and (iii) HP1, a high-spin Cr${}_{3}$S${}_{4}$ (SG $I$2/$m$) type structure. Based on MS and $R$($P$, $T$) studies it was concluded that the Mott transition is responsible for the onset of metallization (correlation breakdown) coinciding with the collapse of Fe${}^{2+}$ moments. The shortening of the Fe-O bond length due to the electronic transition leads to a volume decrease of the low pressure (LP) phase by \ensuremath{\sim}1$%$. This electronic transition initiates a structural instability of the spinel structure resulting in a first-order phase transition into HP1, a post-spinel with Cr${}_{3}$S${}_{4}$-like structure. The onset of HP1 is accompanied by the Fe${}^{2+}$ 4 \ensuremath{\rightarrow} 6 coordination number increase resulting in an additional \ensuremath{\sim}12$%$ volume reduction. In the coexistence zone the post-spinel phase is paramagnetic, but at $P$ > 10 GPa an isostructural transition takes place and Fe${}^{2+}$ becomes nonmagnetic, as evidenced from the large drop of the isomer shift and of the quadrupole splitting. The structural transition is irreversible with the isothermal pressure decrease, and the Cr${}_{3}$S${}_{4}$-like structure remains upon full release of pressure at 300 K. Interestingly at decompression the high pressure (HP) phase undergoes a reverse noncorrelated \ensuremath{\rightarrow} correlated transition recovering its localization features, e.g., insulating state and paramagnetism with ${T}_{\mathrm{N}}\ensuremath{\le}$ 6 K. The original room temperature (RT), LP spinel phase is finally recovered following heat treatment at 400 \ifmmode^\circ\else\textdegree\fi{}C.