A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the company seeks to undergo restructuring with new ownership or investor support. The Montreal-based meal kit provider disclosed its move to shield itself from creditors by filing an application with the Superior Court of Quebec.
The court issued an initial order granting the company a 30-day protection period from creditors, preventing new lawsuits for debt collection during this time. This safeguard is commonly extended during subsequent hearings as companies progress with their restructuring efforts.
Goodfood aims to restructure under the protection granted, allowing it the necessary time and flexibility to do so. The company plans to seek court approval to explore potential buyers or investors for its business and assets.
Court documents reveal that Goodfood found itself seeking relief and contemplating a sale due to its substantial debts. The company, recognized for its meal kit offerings, attempted to launch an on-demand grocery segment in November 2021, aiming for quick deliveries. However, by October 2023, the venture was abandoned as it failed to achieve profitability.
Despite discontinuing this initiative, Goodfood retained a workforce of 233 employees. The company assured that it does not anticipate job losses related to the court proceedings but mentioned the possibility of targeted workforce reductions.
Throughout the court proceedings, customers can continue placing orders that Goodfood will fulfill without interruption. Goodfood was established in 2014 by Jonathan Ferrari and Neil Cuggy. Ferrari resigned as CEO on August 25, 2025, and Cuggy, who was the president and COO, departed by January 16, 2026, as indicated in court records.
Recently, CEO Selim A. Bassoul stepped down and was succeeded by Najib Maalouf, who assumed the roles of chief operating officer and president.
Goodfood’s restructuring process under creditor protection will allow the company to navigate its financial challenges and explore strategic options for its future growth and sustainability.