Goodwill Industries of Toronto and Eastern, Central and Northern Ontario wants protection from going bankrupt – as it tries to restructure its operations.

CEO Keiko Nakamura says in a statement that Goodwill has filed an assignment under Canada’s Bankruptcy and Insolvency Act which would preserve assets for its principal creditors – who are collectively,  the former employees of the corporation.

Nakamura says the charitable organization is mulling over the idea of making a proposal to its creditors – and if the move is approved – the bankruptcy would be annulled – and some stores would be allowed to reopen.

The majority of workers at Goodwill TECNO are represented by The Canadian Airport Workers Union. Nakamura says that union has confirmed its support for the corporation’s plan.

Goodwill announced last month that it would close 16 stores, 10 donation centres and two offices – because of cash flow problems.

More than 430 workers were affected.

Meanwhile, Goodwill International, based in the U.S. calls the store closings “an egregious act” – and says Goodwill of Toronto is no longer allowed to use the Goodwill name , trademarks and logos.