Service at Jamie's Italian in Canberra will continue in the short term after the restaurant's owner Keystone Group went into receivership.
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The restaurant is one of 17 venues - including some of Sydney's most iconic and well-known bars - expected to be put up for sale soon.
A syndicate of lenders put Keystone into receivership on Tuesday after they were unable to reach agreement with the board on the group's financial structure.
The issue is with the Keystone Group as a whole, and not regarding the profitability or otherwise of each individual venue.
The receivers Ferrier-Hodgson will now review each of the venues - including the popular Jamie's Italian restaurant in Canberra - in preparation for sale.
They have yet to decide whether the bars and restaurants will be offered as part of a whole group or individually.
Receiver Morgan Kelly said employees would continue to be employed on the same terms and conditions as before the appointment of receivers.
"For employees, venue operations and customers, it is business as usual as we undertake the sale process," Mr Kelly said.
Despite challenges in the Sydney hospitality industry with NSW lock-out laws, the receivers were optimistic about the group sale.
"Given the current buoyant hospitality market, we anticipate a lot of interest in the sale of the venues," Mr Kelly said.
"The sale of the group represents a unique opportunity for the right operator and is particularly suited to hospitality specialists interested in expansion."
The receivers said the sale process was expected to begin shortly.
The Keystone portfolio is said to be worth more than $100 million, and includes some of the best-known pubs and bars in Sydney, including Cargo Bar, Bungalow 8, the Winery and Gazebo.
Cargo Bar has been on the market since early March.
Buoyed by the success of its Sydney operations, Keystone eyed national expansion in 2014, borrowing $80 million from KKR and Olympic in a "financial assistance" deal to fund the purchase of Pacific Restaurant Group, which owned Jamie's Italian restaurants in Sydney, Perth and Canberra.
But Keystone's accounts showed that by the middle of last year, the company was at odds with its lenders who enforced a standstill after its debts grew and demanded Keystone shareholders inject fresh capital.
The sale comes as other flagged pub floats have also been taken off the agenda. Pub agents say the lockout laws in Sydney have taken a toll on trading as patrons head to the suburbs.
