Bad Boy Furniture Warehouse Limited has filed a Notice of Intention to Make a Proposal under subsection 50.4 (1) of the Bankruptcy and Insolvency Act.
Here's their letter to customers.
We are writing to advise customers of Bad Boy Furniture Warehouse Limited (“Bad Boy”) that on November 9, 2023 Bad Boy made the very difficult decision to commence restructuring proceedings by filing a Notice of Intention to Make a Proposal (a “NOI”) under the Bankruptcy & Insolvency Act (the “BIA”). KSV Restructuring Inc. is the trustee named in the NOI proceedings (the “Proposal Trustee”). 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.
Customers of Bad Boy may have placed deposits for the future delivery of furniture and/or appliances. 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. Customers who have paid a deposit by credit card, should contact their credit card company to obtain a refund. The credit card companies may require evidence of Bad Boy’s insolvency, and to assist you to provide them with this evidence, we have atached a copy of the certificate of filing confirming the commencement of the NOI proceedings.
Customers who have questions concerning their deposit and would like to speak to a representative of the Company, are encouraged to send an email to email@example.com or to firstname.lastname@example.org. A Bad Boy or a Proposal Trustee representative will respond to your email as promptly as possible in the circumstances.
Bad Boy remains open for business during this process and expects to commence a liquidation sale from certain of its stores in the near term. Further information about the sale and these proceedings can be found on the Proposal Trustee’s website at https://www.ksvadvisory.com/experience/case/bad-boy.
Mel Lastman started Bad Boy Furniture way back in 1955 before selling the chain twenty years later. Then, after The Brick let the trademark lapse, Lastman's son Blayne and business partner Marvin Kirsh re-launched Bad Boy in 1991 with the popular slogan: "Who's better than Bad Boy? Nooobody!"
Mel Lastman, the first mayor of the megacity, passed away in 2021. With Bad Boy filing for bankruptcy, it's the end of an era.