As Bad Boy Furniture Warehouse seeks to restructure its business, customers who paid deposits for furniture may still not have received it.
Court filings indicate the well-known Ontario furniture retailer cannot refund customers. So what happens next? Here’s what you need to know:
How can I get my deposit refunded?
In a notice to customers included in a court filing, Bad Boy said it was not in a position to fulfill incomplete orders or refund customers’ deposits.
“The company does not have the funds to repay customer deposits,” the statement of facts filed Nov. 15 said.
Chris May of Kitchener, who paid $900 for a sofa from Bad Boy Furniture last month, asked for a refund, but was given a note from the store manager informing him of the restructuring and saying his purchase would not be approved.
“They completely lied and scammed me out of my money,” he told CTV News Kitchener. The sofa was scheduled to be delivered on October 31st, but it never arrived.
Bad Boy is urging customers to contact their credit card companies to receive refunds. In a notice to customers, the company provided customers with copies of the tax returns because credit card companies may request proof of Bad Boy’s bankruptcy.
If you have questions regarding deposits, we encourage you to email customers@nooobody.com or badboy@ksvadvisory.com.
According to court documents, Bad Boy received deposits totaling approximately $4.5 million from his clients. The company has approximately $25 million in assets, including inventory and store equipment, and approximately $26 million in debt.
Bad Boy said it will work with the customer to complete the order if the price of the item is less than the outstanding balance, or to see if other arrangements can be made with the customer.
Will there be a liquidation sale?
The company, which also sells appliances and electronics, is seeking approval for liquidation sales of some or all of its 12 retail stores.
At this time, Bad Boy has not been ordered to approve liquidation.
“It is in the best interest of the company and its stakeholders to begin the sale immediately. “It is important that the sale proceed expeditiously in order to reduce the
“In these circumstances, a sale is the most practical path to realizing value for the company’s stakeholders.”
Bad Boy filed a notice under the Insolvency and Insolvency Act earlier this month, saying economic conditions are weighing on consumers’ shopping habits and forcing it to make “very difficult decisions” to review its business operations. .
– With files from The Canadian Press and CTV News Kitchener’s Tyler Kelaher