Monday, February 8, 2016
Goodwill Toronto Files For Bankruptcy, Loses Goodwill Name
In a press release posted on the charity’s website, CEO Keiko Nakamura announced the company had filed for bankruptcy and is hoping to restructure.
“The corporation is contemplating later making a proposal to its creditors which, if approved, would annul the bankruptcy and allow the corporation to reopen some stores,” Nakamura said in the release.
The announcement comes three weeks after the charity abruptly closed the doors of all its 16 stores and 10 donations centres, as well as two offices.
Also on Monday came an announcement from Goodwill International, which controls the Goodwill brand and licenses local Goodwill charities like Toronto’s, disassociating itself from Goodwill Toronto.
In the announcement, Goodwill International calls the closing of the stores an “egregious act” which was not compliant with the membership standards of the company.
As part of that, Goodwill of Toronto is no longer allowed to use the “Goodwill name, trademarks and logos,” the announcement said.
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