The company, which was founded in 2004 and employs about 235 staff, has filed for protection under the Companies’ Creditors Arrangement Act, according to an Aug. 14 court filing. The bulk of what it owes is a $217 million loan, and its 2022 revenue fell 53 per cent from five years ago.   Its main debtors are the Bank of Montreal and the Fédération des caisses Desjardins du Québec, according to a separate filing. (The Logic)

Talking point: Ideal Protein created a weight-loss regimen that included a protein-heavy, carbohydrate-light diet and was supplemented with vitamins. It had clinics where coaches would work with clients. The COVID-19 pandemic exacerbated Ideal Protein’s financial woes as its clinics—where customers would buy its products—were impacted by restrictions. Since 2019, the company has sought to turn its fortunes around by shaking up its senior management ranks, seeking new investors or a possible acquirer and enhancing its data analytics, among other efforts. As part of the process for filing for creditor protection, the company has temporarily laid off non-essential staff and paused production.