Goodfood Market Corp. a Canadian online meal solutions company, announced Wednesday that it has filed an application with the Superior Court of Quebec (Commercial Division) seeking an initial order under the Companies’ Creditors Arrangement Act and the appointment of Raymond Chabot Inc. as Monitor if the Court grants the requested relief.
“If the Initial Order is granted and RCI is appointed as Monitor, the Company intends to request at the comeback hearing that the Court approve a formal sale and investment solicitation process. If approved, the SISP would provide interested parties with an opportunity to submit proposals for a sale of, or investment in, the Company or its business with a view to identifying the transaction that maximizes value for the benefit of the Company and its stakeholders. No transaction has been selected or approved at this stage,” stated the company in a news release.
“The CCAA process is intended to provide the time and flexibility needed to pursue the Company’s financial restructuring while continuing to operate the business and implement its operational turnaround plan.
“Goodfood has been implementing a turnaround plan focused on simplifying operations, reducing its cost structure and refocusing on its core meal solutions business while enhancing its customer offering. These initiatives have improved operating performance. However, Goodfood continues to face significant near-term liquidity constraints, including upcoming debt maturities and scheduled interest payments.
“After carefully considering the available alternatives, Goodfood determined that a restructuring under the CCAA offers the best opportunity to preserve value, maintain business continuity and continue implementing its operational turnaround plan.”
“We have made important progress in strengthening our business, but our near-term liquidity pressures require a more comprehensive solution,” said Donald Olds, Lead Independent Director. “The CCAA process will give us the time and flexibility to pursue our restructuring and continue implementing our turnaround plan.”
Goodfood said it intends to continue serving customers across Canada while the restructuring proceeds under Court supervision. Management remains focused on serving customers, supporting employees and maintaining relationships with suppliers and other business partners throughout the CCAA process, it said.
Customers can continue to place orders, and Goodfood will continue fulfilling customer orders in the ordinary course. The company will continue to deliver its ready-to-cook offering and continue its ongoing efforts to improve quality, convenience and protein choices, it noted.
Goodfood employs approximately 230 people across Canada, with operations in Montréal, Calgary and Mississauga. The company said it does not expect any job losses as a direct result of the CCAA proceedings. As part of its ongoing operating improvements, the company may continue to make targeted workforce adjustments where appropriate, it added.
The company also announced that Terry Yanofsky tendered her resignation from the Board of Directors effective the close of business, August 4 noting that her prior engagements prevented her from being completely dedicated to supporting Goodfood through this busy restructuring period.
Earlier in the week, the company announced it had appointed Najib Maalouf as its new chief executive officer after Selim A. Bassoul resigned as CEO and as a member of the company’s board of directors, effective Aug. 3.
The Montreal-based company said Maalouf, who has served as president and chief operating officer since March 2026, will take over the top role immediately. Goodfood said the appointment reflects the board’s confidence in the continuity of the company’s leadership, strategy and day-to-day operations as it continues to review strategic options. The leadership change comes as the company says it intends to maintain its current strategic priorities and ongoing operations. Goodfood said the board expects no changes to its strategy or day-to-day business as a result of the transition, including its ongoing strategic review process.
In April, Goodfood Market reported a $7 million net loss in its Q2 financial results.
Olds said the board believes Maalouf is well positioned to lead the company.
“Mr. Maalouf’s deep knowledge of our operations, culture, strategic priorities, and proven results make him the right leader to guide Goodfood forward. His appointment ensures continuity in the execution of our strategy at an important time for the Company as we carefully weigh our strategic options.”
Maalouf said he intends to continue executing the company’s existing plans following his appointment.
“I’m honoured to lead Goodfood into its next chapter. 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.”
The company said Maalouf has played a key role in improving operational efficiency and evolving its business model since joining as president and chief operating officer earlier this year. It also acknowledged Bassoul’s leadership during what it described as a period of significant change and thanked him for his contributions over the past year.
“On behalf of the Board, I would like to thank Selim for his commitment, leadership and tireless efforts over the past year. His work helped reshape the Company’s operating model, improve cash generation, and position Goodfood to pursue the next phase of its strategic process. We wish him every success in his future endeavours,” said Olds.
Bassoul reflected on his time leading the company and credited employees for their efforts during the transition.
“Serving Goodfood has been a privilege. I am proud of what our team accomplished together under challenging circumstances. Over the past several months, our employees demonstrated remarkable resilience and commitment as we streamlined operations, strengthened our financial discipline and built a leaner organization. These achievements belong to them.
“I remain deeply appreciative of our employees, customers, suppliers and shareholders for their support throughout this journey, and I wish Goodfood continued success as it moves forward.”
Goodfood said it remains committed to executing its strategy, supporting its employees and continuing to provide customers across Canada with its services as the leadership transition takes effect.
