Saladexpress Inc., established 35 years ago and specialized in preparing salad and vegetable mixes in St-Rémi, Québec, has declared bankruptcy on June 7. The firm reports liabilities totaling approximately $30.1 million, with around $28.2 million owed to its parent company, Agrial.
Agrial is an agri-food cooperative based in France, with a network of over 60 fruit and vegetable production and processing sites globally, and became an investor in Saladexpress in 2018. The Fonds de solidarité FTQ, holding a minority share, invested $8.6 million in 2010. Currently, Saladexpress employs 135 individuals.
The company has identified several factors leading to its closure, including an inflationary environment, volatility in the cost of raw materials, and operational challenges. Additionally, difficulties with its financial structure and the establishment of vertical distribution centers were highlighted as key issues. Richter has been appointed as the bankruptcy trustee for the proceedings.
Source: insolvencyinsider.ca