Wholly Veggie Inc., NOI

Wholly Veggie Inc., a plant-based food company whose aim is to provide sustainable and healthy snack alternatives, filed an NOI on August 13.

The company has operations across Canada and the US, with products under the “Wholly Veggie!” brand available in over 4,500 stores, including retailers such as Target, Loblaws and Metro.

In recent years, Wholly Veggie has been unprofitable and, as of April 30, 2024, reported negative retained earnings of $20 million. The company owes approximately $6.3 million to secured creditor Windermere Investment Corp. and has approximately $10.7 million in unsecured debt.

The company’s losses have been primarily caused by overcrowding in the industry during the COVID-19 pandemic as the market for healthy foods grew, inflation and rising interest rates.

PwC is the proposal trustee.

Counsel is Reconstruct for the company, Cassels for the proposal trustee and Meretsky Law for Windermere.