BURLINGTON, Ont. — SIR Corp. has announced its Toronto restaurants — Far Niente, Four and Petit Four — will close effective Oct. 15, 2016, due to failed lease negotiations.
SIR was unable to negotiate a lease extension with the landlord with a sufficient term to ensure a suitable return on its planned investment in the location and has therefore decided to allow its lease for the site at 187 Bay Street to terminate at the end of October. The company expects to relocate most of the staff from these three locations to other SIR restaurants.
The SIR Royalty Income Fund does not expect the closure of the three locations to have a material impact on its distributable cash or payout ratio for the remainder of 2016.