Owner of massive restaurant chains shutters dining rooms, halts distributions
Published March 23, 2020 at 1:40 pm
SIR Royalty Income Fund, which has a portfolio of 60 restaurants in Canada, is suspending its distributions as it stops dine-in restaurant operations at all of its locations.
The move comes as governments ask restaurants to close dining rooms in an effort to slow the spread of COVID-19.
SIR says to the extent possible it will offer take-out and delivery services at its Jack Astor’s and Scaddabush locations.
The fund says it will pay its previously declared distribution of 8.75 per unit for February, but will then temporarily stop making its regular payment to unitholders.
SIR’s brands include Jack Astor’s Bar and Grill, Scaddabush Italian Kitchen and Bar, and Canyon Creek.
It also includes Reds Wine Tavern, Reds Midtown Tavern, Reds Square One, and the Loose Moose.
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