The Beannchor group has announced it's temporarily laying off up to 800 staff as they temporarily close the majority of their Belfast hotels and bars.
The Dirty Onion and Yard Bird, The National, sixty6, Bullitt Belfast, The Ulster Sports Club and the Park Avenue Hotel will close with immediate effect.
The Group’s flagship hotel, the Merchant Hotel will remain open, with a significantly scaled back offering to ensure adherence to the latest coronavirus guidelines.
Little Wing Pizzeria restaurants will also remain open, with increased social distancing protocols in place as will The Hillside in Hillsborough.
This has been an emotional and extremely tough decision but if we do not act now, we will not have a business to return toBill Wolsey
Beannchor Managing Director Bill Wolsey said he made the decision with a heavy heart.
"Never in forty three years of business have I seen a crisis like this one, nor faced a decision like this," he said
"This has been an emotional and extremely tough decision but if we do not act now, we will not have a business to return to. We have made this decision because we feel we have to act responsibly in the best longer term interests of the group and its staff."
It's understood hundreds of jobs are also at risk at Newry-based cruise ship outfitting company MJM Marine.
It comes after Finance Minister Conor Murphy announced an emergency £100m rates package to assist Northern Irish businesses impacted by the coronavirus outbreak.
Earlier on Monday Chancellor Rishi Sunak said the Government will provide £330bn in Government backed and guaranteed loans to UK businesses affected by the coronavirus.
On Tuesday the Department of Health announced that ten new cases of the virus in Northern Ireland have been confirmed. Nearly 2,000 cases have been diagnosed across the UK.
But, speaking to the Belfast Telegraph, Dr Connor Bamford, a research fellow at Queen's University Belfast, said there could already be as many as 3,000 coronavirus cases in Northern Ireland alone.
Here's how Tuesday unfolded: