TORONTO – A high-profile Toronto restaurant group has filed for lender protection, accusing the COVID-19 epidemic of bringing their business to a “disastrous stop”.
Popular restaurants include Buca, Bar Buca, La Banan, Jacobs & Co. King Street Company Inc., the brand behind Steakhouse and CXBO, granted lender protection last Friday, the company said.
“Along with the hospitality sector as a whole, the COVID-19 pandemic has gotten into a very difficult situation beyond our control,” Peter Sebelis, managing director and partner of King Street Company Inc., said in a statement Monday. “It was an emotional decision for us.”
King Street Company Inc. said it was aiming to celebrate their 10-year anniversary when the first Buccaneer location in Toronto hit the COVID-19 pandemic.
All of the company’s operating restaurants have been closed for dine-in service since the outbreak began.
Before the second wave of COVID-19 arrives, they are preparing to gradually reopen selected venues.
The company said it is developing plans to reopen some restaurants if restrictions are relaxed, as planned for an indoor meal in Toronto on November 14, even though lender protection has been granted.