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UPDATED: Troubled meal kit delivery provider, Montreal-based Goodfood (FOOD-T) announced Wednesday that it was granted creditor protection.
Goodfood filed an application with the Superior Court of Quebec under the Companies’ Creditors Arrangement Act (CCAA), as it works to extricate itself from its financial concerns. At 12:58 p.m. on Wednesday, the court granted an initial order, the company reported.
It has also asked for Raymond Chabot Inc. to be appointed as monitor.
“We have made important progress in strengthening our business, but our near-term liquidity pressures require a more comprehensive solution. The CCAA process will give us the time and flexibility to pursue our restructuring and continue implementing our turnaround plan,” Donald Olds, lead independent director said in a press release.
The company is currently working on a recovery plan, which includes cutting expenses, simplifying operations and focusing on its core product offering, it said in the same release.
New CEO in place
This news comes as the company announced on Tuesday that Selim A. Bassoul has resigned as chief executive officer. Najib Maalouf will take over the lead job, according to Goodfood.
“Having worked closely with our teams over the past several months, I look forward to building on the progress we’ve made, continuing to execute our strategy and delivering for our customers while making the right decisions for all of our key stakeholders,” Maalouf said in another release announcing the decision.
He was hired by the firm March 17, serving as president and chief operating officer, with a mandate of “resetting” and “streamlining” the firm's operations.
The company also announced in July that Vanessa Hadida resigned as vice president of finance. No replacement has been publicly named.
Goodfood employs approximately 230 people, with locations in Montreal, Calgary and Mississauga, Ont.
Jonathan Ferrari and Neil Cuggy started the company in 2014, which saw strong growth and interest with its meal deliveries during COVID. However, both founders left Goodfood in late 2025.
That same year on Dec. 30, the company lost its federal Safe Food for Canadians license after it was suspended by the Canadian Food Inspection Agency (CFIA) for problems with preventive controls. It was reinstated on Jan. 8.
Its shares were halted Wednesday from trading and were trading at $0.03 a day earlier. Its market cap sits around $3 million which is a far cry from its high of more than $1 billion.
In its most recent financial statement, sales came in at $21.5 million, which represents a decrease of 30 per cent versus $30.7 million in the same quarter last year. Its active customers were pegged at 48,000 compared to 76,000 in the same quarter in 2025.
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