Thunder Bay landmark, Hoito Restaurant files for bankruptcy
Process is different than liquidation of Finlandia Association's assets
One of the most famous landmarks in Thunder Bay, Ont., has filed for bankruptcy.
The restaurant is located in the basement of the Finlandia Hall on Bay Street.
The filing follows the membership of the Finlandia Association, which owns the hall where the restaurant is located, voting to dissolve itself and liquidate its assets on May 20, 2020.
The association said it was facing about $1 million in debt, and a loan, held by RBC was called in after a payment for less than $2,000 was missed in March.
A spokesperson for the association said the Hoito Restaurant itself was about $300,000 in debt, with most of that being owed to the Canada Revenue Agency for items like payroll deductions.
The association had previous financial troubles in 2015.