A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the Montreal-based meal kit company seeks to restructure with a new owner or investor support. Goodfood took the first step towards shielding itself from creditors by filing an application with the Superior Court of Quebec, which issued an initial order granting the company 30 days of protection from creditor actions. This protection period can be extended during subsequent hearings as the company progresses with its restructuring plans.
Goodfood aims to restructure its operations and views creditor protection as a means to achieve this goal effectively. The company plans to seek the court’s permission to engage potential buyers or investors for its business and assets. Court documents reveal that Goodfood faced financial challenges due to outstanding debts, prompting the need for court intervention and potential sale considerations.
While Goodfood is recognized for its meal kit offerings, the company ventured into on-demand grocery services in November 2021, aiming for quick deliveries. However, by October 2023, the grocery division had to be discontinued due to profitability issues. Despite this setback, Goodfood retained 233 employees, assuring no immediate job losses due to the court proceedings but hinting at potential targeted workforce adjustments.
During the court proceedings, Goodfood will continue fulfilling customer orders as usual. The company’s founders, Jonathan Ferrari and Neil Cuggy, initiated Goodfood in 2014. Recent leadership changes saw Ferrari stepping down as CEO in August 2025, while Cuggy, the former president and COO, departed in January 2026. Following these shifts, Selim A. Bassoul relinquished the CEO position earlier this week, with Najib Maalouf assuming the role of chief operating officer and president.
Goodfood’s decision to seek creditor protection marks a pivotal moment in its journey towards financial stability and operational restructuring.