A Quebec court has approved Goodfood Market Corp.’s request for creditor protection, aiming to undergo restructuring with a new owner or investor assistance. The Montreal-based meal kit company revealed its move to shield itself from creditors by filing an application with the Superior Court of Quebec.
The court granted an initial order, typically providing a 30-day safeguard against creditors initiating new legal action to recover debts. This protection period can be extended during subsequent hearings as companies progress with their restructuring or winding down efforts.
Goodfood’s intention is to restructure, and it sees creditor protection as crucial in providing the necessary time and flexibility for this process. The company plans to seek court approval to seek potential buyers or investors for its business and assets.
According to court documents, the company faced financial challenges and hefty debts, leading to the need for court intervention and exploration of a sale. While renowned for its meal kit services, Goodfood also ventured into on-demand grocery delivery in November 2021, aiming for quick deliveries within 30 minutes. However, by October 2023, the initiative was discontinued due to profitability issues.
Despite ceasing the grocery division, Goodfood retained 233 employees. The company assures no immediate job losses due to the court proceedings but hints at potential targeted workforce reductions.
Throughout the legal process, customers can continue placing orders that Goodfood will fulfill without interruption. Goodfood was founded in 2014 by Jonathan Ferrari and Neil Cuggy. Ferrari resigned as CEO on August 25, 2025, while Cuggy, serving as president and COO, departed by January 16, 2026, as per court records.
Recently, CEO Selim A. Bassoul stepped down and was succeeded by Najib Maalouf, the company’s COO and president.