One of sydney’s most iconic eateries – Golden Century Seafood Restaurant – has gone into administration with the owners blaming the ongoing impact of COVID-19 shutdowns and a lease dispute.
Chifley Advisory has been appointed administrator of the institution in the heart of Sydney’s Chinatown and a meeting of creditors will be held on August 27.
Golden Century owners Eric and Linda Wong, and son Billy.Credit: Christopher Pearce
Calls and emails to the restaurant on Thursday evening went unanswered and a notice on its website says the restaurant is temporarily closed due to COVID-19 restrictions.
A notice published by ASIC said the company went into administration on August 17.
Administrator Desmond Teng said the primary reason the restaurant has entered voluntary administration was due its long-term lease coming to an end on August 31.
“Golden Century owners have exhausted all options to negotiate a commercial agreement for rent reduction,” he said.
“And secondly the business hasn’t been trading at full capacity for a long time now [due to COVID-19] and they were technically making losses.”
Mr Teng said the majority of creditors were staff members and all entitlements would be paid in full.
“A vote will be held for…
