Another notable Toronto restaurant, known for TIFF parties, has permanently closed its doors due to financial loss caused by the COVID-19 pandemic.
With force closures on indoor dining, Montecito, 299 Adelaide Street West, made the decision to stop operations at the restaurant and close its doors for good.
“Due to the uncertainty caused by the COVID-19 pandemic along with the financial impact that has come along with the forced closures of indoor dining, we have made the decision to discontinue our operations at Montecito,” stated a notice on the restaurants website.
“We would like to offer our thanks and gratitude to all of our customers and staff for the support we have received at our restaurant over the past 6 + years.”
The restaurant was known for hosting large events such as weddings, corporate meetings, along with TIFF parties during its reign.
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As uncertainty lingers among the restaurant industry, Montecito isn’t the only business to succumb to the pressures of the pandemic and suffer financial losses.
Toronto hospitality company, King Street Restaurant Group (KSF Group), has recently filed for creditor protection after owing more than $34 million to creditors.
What is collectively referred to as the KSF Group — behind Toronto names such as La Banane, CXBO, Buca, Bar Buca, Jacobs & Co. Steakhouse, and Jamie’s Italian — filed for insolvency last week.
The restaurant will continue its Montecito Bottle Shop for the time being.