A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the Montreal-based meal kit company aims to restructure under new ownership or with support from investors. Goodfood initiated the process by submitting an application to the Superior Court of Quebec, which granted an initial order providing the company with a 30-day protection period from creditors, preventing them from pursuing legal actions to recover debts.
The company plans to utilize this creditor protection period to restructure its operations effectively. Goodfood intends to seek court approval to seek potential buyers or investors for the business and its assets in the future. Court documents reveal that the company faced financial challenges, prompting the need for court intervention and potential sale due to outstanding debts.
Goodfood previously ventured into an on-demand grocery division in November 2021 with plans to offer quick delivery services but had to discontinue the initiative by October 2023, citing profitability issues. Despite discontinuing this operation, the company retained 233 employees, assuring no immediate job losses tied to the court proceedings while hinting at possible targeted workforce reductions.
During the ongoing court proceedings, Goodfood will continue to accept and fulfill customer orders without disruption. The company, founded by Jonathan Ferrari and Neil Cuggy in 2014, saw Ferrari resign as CEO in August 2025, followed by Cuggy, who served as president and COO, leaving in January 2026 as per court records. Recently, Selim A. Bassoul stepped down as CEO, and Najib Maalouf assumed the position of chief operating officer and president.
The developments at Goodfood underscore its efforts to navigate financial challenges and seek a path towards sustainable operations amidst changing leadership and business strategies.
