Feb 29, 2016
By Michael Kramer
Goodwill Industries of Toronto – as well as Eastern, Central and Northern Ontario – are going bankrupt.
The company says efforts to restructure have been unsuccessful.
Keiko Nakamura has resigned as Goodwill’s CEO – saying she has concluded there’s no viable option that would allow the organization to re-emerge.
She says a plan to re-open profitable stores – although feasible – can’t be achieved without significant financial investment – and the lack of security for a loan is too risky for potential investors.
Goodwill’s debt is approximately $6 million – two thirds of which is owed to former employees.
The trustee has called a meeting with creditors for Wednesday.