A plant-based and plant protein company is winding down operations.
In a recent news release on its website, Global Food and Ingredients Ltd. (GFI), said they made the decision based on several factors including challenges in purchasing adequate supplies of raw material for processing.
This resulted in a decline in the company’s sales and gross profit until new raw material supplies became available this fall.
Management and the board of directors decided the challenges would make it nearly impossible for the company to continue to operate and service its debts, leaving no other option than to close its operations.
The board of directors of GFI and its financial advisors reviewed alternatives for the company to continue its business operations, including refinancing or selling existing processing facilities, bridge financing options and sale of GFI’s business, but were unsuccessful. GFI will now be working with its lenders to sell its assets.
The directors of GFI have resigned, but there have been no changes to the company officers.
GFI is headquartered in Toronto, with elevator facilities in Lajord and Zealandia Sask. and distribution operations in North Carolina.
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