Posted Nov 11, 2023, 12:01 AM
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Registered User
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Join Date: Dec 2015
Posts: 14,674
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Quote:
Originally Posted by whatnext
Joseph Richard Group still mentioned in connection to The Post in a Glacier Media article today:
Creditor protection extended for B.C.'s Joseph Richard Hospitality Group
The Joseph Richard Group, which owns eateries in Vancouver, Surrey, Langley, Port Moody and Abbotsford, is restructuring its business
By Vikki Hui, Richmond News | November 10, 2023, 12:30pm
The Buck & Ear, the Steveston Cafe and Hotel as well as the liquor store in the same Richmond, B.C., building have gotten a reprieve from their creditors to the end of November.
The Joseph Richard Hospitality Group (JRG), which owns controlling shares in the Steveston Cafe and Hotel, the Steveston Hotel Liquor Store and the Buck & Ear, filed for creditor protection back in July.
JRG also owns controlling shares in JRG Foodhall (Vancouver) Ltd., the company behind the upcoming food hall in the redeveloped Canada Post building on Georgia Street, as well as other Lower Mainland eateries....
....JRG may be granted further extensions as long as they work in good faith toward restructuring.
A court order issued in August also gave it permission to borrow no more than $500,000 from Canadian Western Bank to finance the business.
As of July, JRG owed around $34.4 million to Canadian Western Bank, around $2.3 million to the Bank of Montreal and owed around $600,000 in Canadian Business Assistance loans.
Its businesses also owed the Canadian Revenue Agency around $4.7 million in source deductions, $24,700 in income tax, $440,000 in GST and $912,000 in PST....
https://biv.com/article/2023/11/cred...pitality-group
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But the same filings seem to indicate they aren't investing anything into advancing those "future" projects. I guess we'll learn more once they finish restructuring with their creditors.
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