With a debt load of over $1-million, the Finlandia Association has overwhelmingly voted to sell off its assets and shut the doors.
A forced lengthy on-line meeting was held Wednesday night, after pressure from the Royal Bank of Canada to pay the March $2,000 payment owed.
The Association says it owes the RBC $290,000, and had asked the bank it allow the Finlandia to defer payment as other creditors have allowed. This was denied, and following almost two months of legal wrangling that included a lawyer who tried to help the Thunder Bay landmark, the final decision was made after declining revenue amid COVID-19.
The Association also went after federal financial assistance, through the Canadian Emergency Business Account, but did not qualify, with no reason given why that decision was made.
The Hoito restaurant has been owed roughly $480,000 since 2010, $160,000 to Thunder Bay Ventures, there are $33,000 in city taxes still to be paid, and a variety of other bills.
