The future of Wallaceburg’s pickle factory could be in jeopardy, as Whyte’s Foods has gone into receivership.
Whyte’s Foods, which opened the Wallaceburg factory on Baseline Road to much fanfare in 2019, took part in a court-supervised sale and investment solicitation process in late August to work towards resolving financial challenges.
According to online court documents, Whyte’s was heavily in debt to both secured lenders, as well as suppliers. However, with no buyer coming forward with a satisfactory bid, the Ontario Superior Court of Justice granted a request by the company’s two senior secured lenders—Wells Fargo and Farm Credit Canada, to have receivers brought in to oversee the company last week.
Wallaceburg Whyte’s employees have told CKXS News the receivers changed the locks on the doors last week and have not yet told the employees what the future plans for the factory will be.
FTI Consulting Canada Inc. And Ernst and Young have been appointed by the court as receivers and managers.
Whyte’s has a manufacturing facility and a warehouse/distribution facility in Quebec, along with the Wallaceburg factory. Approximately 100 employees work at the Wallaceburg factory.