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TORONTO – A group of top-tier restaurants in Toronto have filed for creditor protection, blaming the COVID-19 pandemic for bringing their business to a “devastating shutdown.”
King Street Company Inc., which is the brand behind famous restaurants Buca, Bar Buca, La Banane, Jacobs & Co. Steakhouse and CXBO, got protection from creditors last Friday, the company said.
“Together with the entire hospitality industry, the COVID-19 pandemic has put us in an extremely difficult situation that was beyond our control,” Peter Tsebelis, CEO and partner of King Street Company, said in a statement Monday. Inc .. “This was an exciting decision for us.”
King Street Company Inc. said Buca’s first location in Toronto was celebrating their 10th anniversary when the COVID-19 pandemic occurred.
All of the company’s operating restaurants have been closed for food service since the start of the pandemic.
Before the arrival of the second wave of COVID-19, they were preparing for a gradual reopening of selected locations.
Despite being granted protection from creditors, the company said it is now developing a plan to reopen some restaurants if restrictions ease as planned for indoor dining in Toronto on November 14.
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