A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the company aims to restructure under new ownership or with the support of investors. The Montreal-based meal kit provider disclosed on Wednesday that it has initiated the process to shield itself from creditors by filing a petition with the Superior Court of Quebec. The court has granted an initial order, granting the company a 30-day protection period during which creditors are prohibited from initiating new legal actions to collect outstanding debts.
Typically, the creditor protection period can be extended through subsequent court sessions as the company progresses with its restructuring or winding down efforts. Goodfood intends to leverage this protection to facilitate its restructuring plans. The company intends to seek court approval to seek potential buyers or investors for its business and assets in due course.
According to court filings, the company faced significant debts that led to the need for court intervention and exploration of a potential sale. Although Goodfood is primarily recognized for its meal kit offerings, court documents reveal an attempted launch of an on-demand grocery segment in November 2021. However, by October 2023, the initiative was discontinued due to profitability challenges.
Despite discontinuing the grocery operations, Goodfood retained its workforce of 233 employees. The company assures that no immediate job losses are anticipated as a result of the court proceedings but hints at potential targeted workforce reductions. Throughout the court proceedings, customers can continue to place orders that will be fulfilled by Goodfood.
Established in 2014 by entrepreneurs Jonathan Ferrari and Neil Cuggy, Goodfood witnessed leadership changes with Ferrari stepping down as CEO in August 2025 and Cuggy, then President and COO, departing by January 2026. Recently, CEO Selim A. Bassoul resigned and was succeeded by Najib Maalouf, who assumed the roles of COO and President.
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