Goodfood Market seeks court protection while exploring sale or investment options

The Montreal-based meal-kit provider Goodfood Market Corp. obtained an initial creditor protection order from the Superior Court of Quebec after applying for relief to restructure its debts. The order typically blocks new creditor lawsuits for 30 days, with extensions possible as the restructuring proceeds. Goodfood, which owes millions to creditors, plans to later request court permission to solicit potential buyers or investors for the business and its assets.

Records show the company tried an on-demand grocery service in 2021 but abandoned it by October 2023 due to lack of profitability. Although the firm retains 233 employees, it cautions that selective staff cuts may occur, but no broad layoffs are expected. Customer orders will continue to be processed while the court case unfolds. The company was founded by Jonathan Ferrari and Neil Cuggy in 2014, with recent leadership changes including Selim A. Bassoul's resignation and Najib Maalouf assuming the president and COO roles.