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The meal-kit delivery service and majority owner of Genuine Tea faces $600,000 a month in credit card payments and about $43 million in debentures and interest, despite selling its crypto-related securities last month and laying off 122 employees since March. The company, which has 230 workers at facilities in Montreal, Calgary and Mississauga, Ont. and relies on third-party delivery drivers, plans to continue operations. (The Logic)
Talking point: Goodfood said in a press release it does not expect to cut jobs “as a direct result of the proceedings,” though filings posted by insolvency monitor Raymond Chabot warned the company may need to close plants if it doesn’t find a buyer. According to the filings, Goodfood saw “excessive growth during the COVID-19 pandemic,” posting revenue of $379 million in 2021, but saw a “steep decline” in recent years, with $121 million in fiscal 2025 net sales. Its stock fell from over $10 per share in August 2021 to about three cents per share on Wednesday. The company, which replaced its CEO Tuesday, announced Wednesday that former Sephora executive Terry Yanofsky resigned from its board.
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