Legendary furniture brand Bad Boy has declared bankruptcy, ending an almost 70-year reign as one of the Toronto area’s quirkiest chains.
And it looks like “nooooooooobody” is coming to the brand’s rescue.
Established in 1955 by Mel Lastman — who would go on to become the mayor of North York, and, later, the first mayor of an amalgamated Toronto — Bad Boy Furniture has a long history in the region that reached its zenith with a series of memorable television and radio ads in the 1990s and 2000s.
On Thursday, November 9, the brand’s story reached what may be its final chapter, when Bad Boy Furniture Warehouse Limited announced that it had made the “very difficult decision” to commence restructuring proceedings with the filing of a Notice of Intention to Make a Proposal (or “N01”) under the Bankruptcy & Insolvency Act.
It’s SO over.
Who’s got more money than Bad Boy?
— Ninja Turtle Capital (broke, unemployed and toxic) (@NinjaTurtleCap) November 11, 2023
The furniture warehouse brand issued a statement explaining that the decision “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.”
Bad Boy Furniture has filed for bankruptcy it seems. pic.twitter.com/iNHwBNsyFE
— Suzanne Grisold (@suzygrisold) November 11, 2023
Bad Boy has stated that its stores will remain open for business during this process, and liquidation sales are expected in the near future.
Though stores are open for now, the bankruptcy filing will have immediate impacts on customers.
Many customers who placed deposits on future delivery of furniture or appliances are, in layman’s terms, s*** out of luck.
Bad Boy stated, “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 paid their deposits using a credit card can still get a refund through their credit card company.
KSV Restructuring Inc. — a company specializing in crisis management, turnaround consulting, distressed corporate finance and liquidity management — has been named the trustee in proceedings.