The Montreal-based meal-kit company said it is closing its micro-fulfillment centres in Montreal and Toronto as it would require “significant” additional capital and operational investments to bring the service “to an attractive level of profitability.” Goodfood shares were down over 20 per cent on the Toronto Stock Exchange Friday. (The Logic)

Talking point: The closures are part of Goodfood’s strategic review and the company expects to take up to a $50-million impairment charge in the fourth quarter. Goodfood started what it calls Project Blue Ocean in its third quarter to reach positive cash flow and profitability. Shuttering on-demand delivery is an about-face from its earlier strategy: in April it had called the service key to its profitability. That same month, it laid off 70 staff members and shuttered its Ontario distribution centre, as my colleague Martin reported, in its third round of layoffs over six months.