After nearly 70 years of providing appliances and furniture to Canadians, Bad Boy Furniture Warehouse Ltd. is on the brink of bankruptcy. (Courtesy: Lastman’s Bad Boy)
After nearly 70 years of providing appliances and furniture to Canadians, Bad Boy Furniture Warehouse Ltd. is on the brink of bankruptcy. The company’s aim is to proceed in restructuring the company’s debts.
Founded in 1955, by the late Toronto mayor Mel Lastman, his son, Blayne Lastman decided to follow his father’s footsteps by reviving the family-owned business in the early 90’s. He opened his first store on Kennedy Road in Scarborough in 1991.
KSV Restructuring Inc. is representing Bad Boy Furniture and released a notice to customers.
“The decision to commence these proceedings was taken after much deliberation; however, Bad Boy believed it was necessary in the context of a challenging economic environment driven by high interest rates, declining sales in the housing sector and a tight retail climate, particularly in the home furnishing sector,” a statement by KSV Advisory said.
Customers that made a deposit on their orders before Thursday, November 9 that paid with either cash or debit may be in the dark, but those that paid with a credit card may find some hope.
“We regret to inform you that as a result of the commencement of the NOI proceedings, Bad Boy is unable to refund those deposits or to complete those purchases,” KSV Advisory added.
Bad Boy’s website has since been taken down with an error popping up that says, “service temporarily unavailable.”
In the meantime, Bad Boy store locations will remain open and they say customers can expect a liquidation sale to start soon in certain stores.