Joseph Richard Group, Under Creditor Protection, To Sell Off Restaurants

After filing for CCAA creditor protection in July 2023, some or all of Joseph Richard Group's 20 businesses will now be sold as part of the company's restructuring process.Founded by André Joseph Bourque and Ryan Richard Moreno, Joseph Richard Group sought out creditor protection in July 2023 after COVID-induced challenges resulted infor the company. At the time of the filing, Joseph Richard Group owed an estimated $34.4M to Canadian Western Bank and $2.3M to the Bank of Montreal .

According to case documents from earlier this month, however, the plan that was filed by Joseph Richard Group in December 2023 was deemed "not achievable" by CWB and the Canada Revenue Agency, to which Joseph Richard Group also owed money. In March, the Roosters Building at 19040 Lougheed Highway in Pitt Meadows that Joseph Richard Group owned was sold for $3.2M, after being listed by Colliers, as part of the company's restructuring. Prior to that, the company also permanently closely Livelyhood, at 3224 St Johns Street in Port Moody, which the Monitor described as "unprofitable.

Source: News Formal (newsformal.com)

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