TORONTO -- An upscale Toronto restaurant group has filed for creditor protection, blaming the COVID-19 pandemic for bringing their business to a "devastating halt."
King Street Company Inc., which is the brand behind the popular restaurants Buca, Bar Buca, La Banane, Jacobs & Co. Steakhouse and CXBO, was granted creditor protection last Friday, the company said.
"Alongside the entire hospitality sector, the COVID-19 pandemic has put us in an extremely difficult situation that was beyond our control," Peter Tsebelis, managing director and partner of King Street Company Inc., said in a statement on Monday. "This was an emotional decision for us."
King Street Company Inc. said the first Buca location in Toronto was on the heels of celebrating their 10-year anniversary when the COVID-19 pandemic struck.
All of the company's operating restaurants have been closed for dine-in service since the beginning of the pandemic.
Prior to the arrival of the second wave of COVID-19, they were preparing for a gradual reopening of select venues.
Despite being granted creditor protection, the company said it is now developing a plan to reopen certain restaurants if restrictions ease as planned for indoor dining in Toronto on Nov. 14.
