Goodfood seeks creditor protection after CEO resigns

By August 5, 2026
A Goodfood box and several portions of food.
Montreal meal-delivery company wants time to restructure the business amid liquidity constraints and mounting debt.

Embattled meal-delivery company Goodfood is seeking creditor protection amid mounting debt, liquidity concerns, and the resignation of its CEO. 

The news: The Montreal-based company announced on Wednesday it would seek creditor protection under the Companies’ Creditors Arrangement Act, a law that allows insolvent companies that owe more than $5 million to restructure their debts and avoid bankruptcy. The news comes just days after Goodfood’s CEO, Selim Bassoul, resigned on Aug. 3. The company has since appointed former COO and Goodfood president Najib Maalouf as CEO. 

From the source: “We have made important progress in strengthening our business, but our near-term liquidity pressures require a more comprehensive solution,” Donald Olds, Goodfood’s lead independent director, said in a statement. “The CCAA process will give us the time and flexibility to pursue 
 restructuring and continue implementing our turnaround plan.” 

The context: In a press release issued today, Goodfood said it intends to ask the court for a formal sale and solicitation process that would allow the company to sell its assets, secure new investment, and pursue refinancing. If that is granted, interested parties can submit proposals for the sale of Goodfood, or make an investment in the company. 

To date, the company has been implementing an “operational turnaround plan” aimed at reducing cost structure, refocusing on its core products, and “enhancing customer offering.” While Goodfood says that has improved performance, the company continues to face difficult financial realities, including upcoming debt maturities and interest payments.

Final thought: Today’s announcement follows years of difficulties for Goodfood. In 2025, both of the company’s co-founders left the business within months of one another. Shortly after, the company’s safe food licence was suspended by the Canadian Food Inspection Agency over undisclosed allergens. It was reinstated in January of 2026. Most recently, the company announced it had seen a 21-percent decrease in its net sales, and its recent quarterly reporting declared that the company could curtail operations due to mounting debts coming due next year. 

BetaKit’s Prairies reporting is funded in part by YEGAF, a not-for-profit dedicated to amplifying business stories in Alberta.

Feature image courtesy Goodfood.

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