A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the Montreal-based meal kit company seeks to restructure with new ownership or investor support. Goodfood initiated this process by filing an application with the Superior Court of Quebec to shield itself from creditors.
The court has granted an initial order, providing Goodfood with a 30-day protection period during which creditors cannot initiate new lawsuits to collect outstanding debts. This protection period can be extended as the company progresses with its restructuring efforts.
Goodfood aims to restructure its operations, and the creditor protection will offer the necessary time and flexibility to achieve this goal. The company plans to seek court approval to engage potential buyers or investors for its business and assets.
Court documents reveal that Goodfood faced financial challenges, prompting the need for creditor protection and potential sale discussions. Despite a failed attempt to launch an on-demand grocery division in 2021, resulting in financial losses, the company retained its workforce of 233 employees.
While the company assures customers that orders will continue to be fulfilled during the court proceedings, it anticipates possible targeted workforce reductions. Goodfood founders Jonathan Ferrari and Neil Cuggy established the company in 2014. Changes in executive leadership include Ferrari stepping down as CEO in August 2025 and Cuggy departing as president and COO in January 2026.
Recently, CEO Selim A. Bassoul resigned and was succeeded by Najib Maalouf, who assumed the roles of chief operating officer and president.