Goodfood Market Corp. says it has filed for creditor protection in hopes of restructuring the business under a new owner or with help from investors.
The Montreal-based meal kit company says it took the first step toward shielding itself from creditors owed money by filing an application with the Superior Court of Quebec.
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If the court approves the application, Goodfood will get to keep creditors at bay, giving the company some time and flexibility to restructure. It will then ask for permission to start soliciting potential buyers or investors for the business.
While the court process plays out, customers will be able to place orders that Goodfood will continue to fulfil.
The company says it does not expect any job losses linked to the court proceedings but warns it may make targeted cuts to its workforce of 230.
Goodfood was started by entrepreneurs Jonathan Ferrari and Neil Cuggy in 2014. Its chief executive Selim A. Bassoul stepped down Tuesday and was replaced with chief operating officer and president Najib Maalouf.
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