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The COVID-19 pandemic has forced one of Toronto’s most active restaurant groups to protect creditors King Street Inc announced Monday that it has guaranteed the protection of the Corporate Creditor Arrangement Act (CCAA) as it avoids the effect of eating restrictions.
In a statement, King Street Company managing director Peter Tsibilis said the pandemic had essentially pushed the company into the corner, leading it to seek creditors’ protection
“Together with the entire hospitality sector, we have put the COVID-19 pandemic in a very difficult situation that was out of our control,” he said
â ?? This was an emotional decision for us but we are confident that the CCAA process will give us time to stabilize our business and ultimately put us in a stronger position to build on our successful brands as we emerge from the COVID crisis’
The company, which was founded in 2006, runs a group of restaurants in Toronto, including the famous Italian restaurant Boca, led by star chef Rob Gentile. Boca was launched in 2009, and King Street Food Co now has five restaurants in its portfolio that were The company plans to add more locations before the pandemic turns the restaurant and hospitality sectors around
King Street was actively preparing for the gradual reopening of its restaurants before regional authorities implemented a second indoor dining freeze on October 10 King Street Food Company says it is currently developing a plan to reopen certain restaurants, with the possibility of easing restrictions on eating Indoor dining in Toronto early on a Saturday
Toronto, King Street Food Company, Jacobs & Steakhouse, Creditor, Buca di Beppo
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SOURCE: https://www.w24news.com
