Goodwill Industries of Toronto, Eastern, Central and Northern Ontario (TECNO) has filed for bankruptcy, the organization said in a statement Monday.
Goodwill says it may later make a proposal to its creditors, most of whom are former employees, that would allow it to annul the bankruptcy and reopen some stores.
In its release Monday, Goodwill said the Canadian Airport Workers Union, which represents the majority of Goodwill TECNO workers, is supportive of the move.
The bankruptcy filing follows the sudden closure of 16 stores, 10 donation centres and two offices in Ontario on Jan. 17.
The organization is trying to overcome serious financial problems to try and restructure.
