Goodfood seeks creditor protection, may sell business

Goodfood Market Corp., a meal kit company based in Montreal, has initiated proceedings for creditor protection, signaling a potential restructuring or sale of the business. The company filed an application with the Superior Court of Quebec, seeking to shield itself from creditors while it reorganizes.

If the court approves the application, Goodfood will gain breathing room to restructure. The next step will be to seek court permission to begin searching for potential buyers or investors. Throughout this process, the company assures customers that their orders will continue to be fulfilled.

While Goodfood stated it does not anticipate job losses directly linked to the court proceedings, it cautioned that some targeted workforce reductions might occur among its 230 employees. The company was founded in 2014 by entrepreneurs Jonathan Ferrari and Neil Cuggy. Recently, CEO Selim A. Bassoul stepped down and was succeeded by chief operating officer and president Najib Maalouf.