Sad Ending for The Very Good Food Company After Going into Receivership
Canada’s The Very Good Food Company (NASDAQ: VGFC) (TSXV: VERY.V), may be forced to close its operations this month after battling a financial crisis and succumbing to receivership. In September 2022, the Very Good Food Company announced a strategic review to evaluate potential alternatives for maximizing shareholder value, including acquisition or merger with an industry partner. But after months of attempting to secure new financing, the company was placed into receivership. On January 17th, BDO Canada, an accounting and consulting firm, was appointed by the Vancouver-based plant-based business to “solicit bids for the assets or a restructuring of the company.” The day before, the newly appointed CEO, Parimal Rana, had resigned, leaving the company’s Board of Directors empty. Financial uncertainty Very Good had undergone a series …