iQ Food Inc. – 18 York, iQ Food Inc. – FCP, iQ Food Inc. – Hazelton, and iQ Food Inc. – Bay (collectively, the “iQ Store Debtors”), each operate a fast-casual restaurant under the name “iQ” at four separate locations in Toronto (the “Business”). iQ Food Inc. (“Parent“), is the parent company of the iQ Store Debtors.
iQ opened its first location in 2011 in Toronto’s financial district. Between 2011 and 2019, iQ opened and operated ten locations across Toronto, employing over 150 staff at its peak, and becoming a popular lunch destination for Bay Street professionals and office workers. Between 2020 and present day, iQ closed six of its locations. The closures were due almost entirely to either the direct or indirect impacts of the Covid-19 pandemic. At present, iQ operates only at the four remaining locations described above, who collectively employ approximately 50 non-union employees.
In an effort to find a buyer or investor, iQ commenced a sale and investment solicitation process. Ultimately, an Asset Purchase Agreement was signed in August 2024.
On July 23, 2024, the iQ Food Store Debtors and the Parent each filed with the Official Receiver Notices of Intention to Make a Proposal (“NOI”) to its creditors and each named Dodick Landau Inc. as Proposal Trustee. On August 16, 2024, there will be a Court hearing whereby iQ will be requesting the Court to, among other things, make an Assignment, Approval and Vesting Order (“AVO”), which among other things: approves the sale transaction; vests in the Purchaser all of the Company’s right, title, benefit and interest in and to the purchased assets free and clear of all encumbrances; and assigns certain agreements to the Purchaser.
Documents
Certificate for the Notice of Intention – 31-3107523-iQ Food Inc.-18 York-July 23, 2024
IQ Food Inc.-18 York-Creditor Package-NOI-July 26, 2024
Certificate for the Notice of Intention – 31-3107483-iQ Food Inc.-Bay-July 23, 2024
IQ Food Inc.-Bay- Creditor Package-NOI-July 26, 2024
Certificate for the Notice of Intention-31-3107498-July 23, 2024
IQ Food – FCP-Creditor Package-NOI-July 26, 2024
Certificate for the Notice of Intention-31-3107512-July 23, 2024
IQ Food Inc. Hazelton-Creditor Package-NOI-July 26, 2024
Certificate for the Notice of Intention-31-3107275-July 23, 2024
IQ Food Inc. (Parent)- Creditor Package-NOI-July 26, 2024