A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the Montreal-based meal kit company seeks to restructure under new ownership or with investor support. The company initiated the process by filing an application with the Superior Court of Quebec, which issued an initial order granting a 30-day protection period from creditors initiating new legal actions to collect debts.
Typically, this protection period can be extended during subsequent court hearings as companies progress with their restructuring efforts. Goodfood aims to utilize this creditor protection to reorganize effectively, with plans 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 to seek court protection and explore a possible sale due to substantial debts owed to creditors. Despite a failed attempt to launch an on-demand grocery division in November 2021, which was discontinued in October 2023 citing profitability issues, Goodfood retained 233 employees.
The company assured that there would be no immediate job losses due to the court proceedings but acknowledged the possibility of targeted workforce reductions. Throughout the legal process, Goodfood will continue to accept and fulfill customer orders as usual.
Goodfood was established in 2014 by Jonathan Ferrari and Neil Cuggy. Ferrari resigned as CEO in August 2025, while Cuggy, who was the president and COO, departed by January 2026. Recently, CEO Selim A. Bassoul stepped down and was succeeded by Najib Maalouf, who assumed the role of president and COO.