Colonial Cookies may soon have new owner
The Colonial Cookies plant in Kitchener, Ont. could have a new owner, pending approval of the transaction by a Superior Court judge.
Colonial closed down in late December for the scheduled Christmas shutdown, but in early January most employees were told not to return to work.
The company, which makes private label products, went into receivership and Price Waterhouse Coopers (PWC)began a search for a buyer.
On Jan. 26, there were reports that Weston Foods Limited would be purchasing all substantial properties for $13.5 million in cash plus the cost of assumed liabilities.
The President's Choice brand cookies, which are sold in Weston's retail stores, were among those produced by Colonial.
The receiver, PWC, is expected to put a motion before the Ontario Superior Court on Tuesday, seeking approval of the sale.
That has left hope that the nearly 400 employees could return to work when the company resumes production.