Donnelly Group Files for Creditor Protection
Vancouver, British Columbia – Donnelly Group, a hospitality company with 16 restaurants and bars in Vancouver and Toronto, has filed for creditor protection under the Companies’ Creditor Arrangement Act (CCAA). The company says the move is necessary to restructure its debt and emerge as a stronger business.
Donnelly Group was founded in 1984 by brothers Jeff and Geoff Donnelly. The company has grown to become one of the largest and most successful restaurant groups in Canada. Its portfolio includes some of Vancouver’s most popular restaurants, such as The Irish Heather, The Lamplighter Pub, and The Donnelly Group.
The company says the COVID-19 pandemic has had a significant impact on its business. The pandemic has forced the company to close its restaurants for extended periods of time, and it has also led to a decline in sales.
Donnelly Group says it is confident that it will emerge from creditor protection as a stronger business. The company has a number of assets, including its well-known brands and its loyal customer base.
The company says it is working with its creditors to develop a restructuring plan that will allow it to continue to operate its restaurants. The company expects to emerge from creditor protection in the coming months.
What does this mean for customers?
Donnelly Group says that customers should not expect any immediate changes to its operations. The company says it will continue to operate its restaurants as usual during the restructuring process.
However, customers may see some changes in the future. The company says it may need to close some of its restaurants or reduce its menu offerings. The company says it will make any necessary changes in the coming months.
What does this mean for employees?
Donnelly Group says that it is committed to its employees and that it will do everything it can to protect their jobs. The company says it will continue to pay its employees during the restructuring process.
However, some employees may be laid off or have their hours reduced. The company says it will make any necessary changes in the coming months.
What does this mean for the hospitality industry?
Donnelly Group’s filing for creditor protection is a sign of the challenges facing the hospitality industry. The COVID-19 pandemic has had a significant impact on the industry, and many businesses have been forced to close their doors.
Donnelly Group’s filing is a reminder that the hospitality industry is still struggling to recover from the pandemic. The industry is likely to face more challenges in the coming months, and it is possible that more businesses will be forced to file for bankruptcy.
