It appears Goodwill of Toronto has given up on a re-structuring plan to avoid bankruptcy.
Keiko Nakamura, the head of Goodwill Industries of Toronto, Eastern, Central and Northern Ontario, called it quits on Monday after the Toronto division of the nonprofit group filed for bankruptcy earlier in February.
The company was exploring options for a re-boot, but came up dry in the end with no viable alternative to resurrect itself from failure.
The abrupt closing put over 400 people out of work at 16 outlets across the GTA.
In a statement from Nakamura, she revealed that there is no way to revive the outlets “without significant financial investment”.
Goodwill TECNO is in the hole for about $6 million with an estimated 4.2 being owed to former employees.
The Trustee, Pollard & Associates Inc., is now in place to deal with creditors, and will meet with them on March 2nd.