Lunchbox specialist Cook it takes refuge from creditors to be bought out
Times are tough in the ready-to-eat and boxed meal industries. In order to be able to continue in business, Cook it has taken steps to protect itself from creditors, and is planning to be bought out by British Columbia-based Fresh Prep Foods. Creditors of the Quebec-based company鈥攊ncluding the Mouvement Desjardins and the Fonds de solidarit茅 FTQ鈥攃ould leave large sums of money on the table.
McGill economist and agronomist Pascal Th茅riault is not surprised by the difficulties facing the sector.
"Consumers have to make choices," says the Farm Management and Technology Program听Director and听Senior Faculty Lecturer. "Do I pay more for my groceries? Yes, but do we go on paying more for boxed lunches? The answer is often no. It's not an easy business. You always have to reinvent yourself. When I talk to people who try this product, often the reason they give up is because they've been through the recipes."
Consolidation听does not guarantee success, but Mr. Th茅riault believes that, in this still young industry, it听is "not necessarily bad news."