A Quebec court has approved Goodfood Market Corp.’s request for creditor protection as the Montreal-based meal kit company seeks to restructure with new ownership or investor assistance. Goodfood took the initial step by filing an application with the Superior Court of Quebec, which issued an order granting the company 30 days of protection from creditors preventing new lawsuits to collect debts.
The creditor protection period can be extended through subsequent hearings as companies progress with their restructuring efforts. Goodfood aims to restructure its operations during this period, allowing for time and flexibility. The company plans to seek court approval to engage potential buyers or investors for its business and assets.
According to court documents, Goodfood faced financial challenges and accumulated debts, prompting the need for court intervention and potential sale considerations. Despite an unsuccessful attempt to launch an on-demand grocery division in November 2021, resulting in its closure in October 2023 due to profitability issues, Goodfood retained 233 employees.
While the company anticipates no immediate job losses due to the court proceedings, targeted workforce adjustments may be necessary. Throughout the court process, customers can continue placing orders that Goodfood will fulfill. Goodfood was founded in 2014 by Jonathan Ferrari and Neil Cuggy. Ferrari resigned as CEO in August 2025, while Cuggy, the former president and COO, departed in January 2026.
Recently, CEO Selim A. Bassoul stepped down and was succeeded by Najib Maalouf, the company’s COO and president. The transition in leadership comes amidst the ongoing restructuring efforts and creditor protection proceedings.