GOODWILL'S GOING BANKRUPT

Feb 29, 2016

By Michael Kramer

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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.

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