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Bad boy furniture bankrupt

GreyGhost said:
Haha. That link included Mad Mikes plan. "Where possible, the company said it will work with customers to complete orders, if the cost of the merchandise is less than the balance owing, or if other arrangements can be made with the customer.". I was right. The smaller your deposit, the more likely you get your stuff. Big deposit and you are SOL.
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I did the math and it sucks. 10% down and if the furniture gets delivered everyone wins. Customers get goods, receiver gets 90% more money, manufacturer gets paid for work in progress, possibly a discounted figure.

100% paid there is no incentive for anyone. The receiver has all the money. The customer gets put at the bottom of the money chain.

We bought some sofas a year ago and they didn't get put on the truck until they were 100% paid for. We did put down a deposit to get things flowing and the goods were in stock. With supply chain issues long deliveries are the norm. A lot can happen in six months. In stock can be a subjective term. Right there, cash on the table and back up the pickup truck or in stock at a warehouse in Tennessee.
 
So what happens when the buyer has 10% to 40% down and the item is in inventory at the warehouse??? Does the item just now get sold to whomever shows up at the fire sale or do they try to do right by the original customer? The manufacturer has already shipped the goods to the retailer so they get no direct skin either way from the sale?

As for credit card protection, most retailers will discourage using a CC for large amounts (except maybe for their house card) as they do not want to eat the fees. I am not talking about the one off couch here but instead people that are paying for 10K++ in appliances. In my general experience 10% or so down on the card is fine but the rest (or more DP) is not going to be on a credit card.
 
backmarkerducati said:
So what happens when the buyer has 10% to 40% down and the item is in inventory at the warehouse??? Does the item just now get sold to whomever shows up at the fire sale or do they try to do right by the original customer? The manufacturer has already shipped the goods to the retailer so they get no direct skin either way from the sale?

As for credit card protection, most retailers will discourage using a CC for large amounts (except maybe for their house card) as they do not want to eat the fees. I am not talking about the one off couch here but instead people that are paying for 10K++ in appliances. In my general experience 10% or so down on the card is fine but the rest (or more DP) is not going to be on a credit card.
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The job of the receiver is to maximize income from the date they take over. Nothing before matters. If a buyer has 10% down and agreed to pay MSRP, they probably get the furniture as that is the most profitable for the receiver. With 40% down, receiver probably tries to sell for 75% of MSRP to a random and if that doesn't work, sells it to you for 60% of MSRP.

As for down payments on a card. When I bought my last car, they take a down payment on a credit card but then reverse that payment on delivery and you pay full amount using a lower fee (for them) method (debit, finance, cheque, etc). If you want to pay some of the price on a card, they tack on a percentage to cover the cost. Many people paid for their bad boy purchases using debit (not sure if it was downpayment or payment in full prior to delivery). Their banks told them to pound sand. The money is gone. Too bad for you.
 
When we have bought 10k appliances it’s been no issue using a CC , they take it happily, I’ve bought 26k in furniture on a CC .

Interesting though I tried to put 50k down on a truck and they would not take the card . Margins I assume .

Looking at a used triumph at a different brand dealer the sales guy said “ come on shooter, whip out a CC and let’s get this done” so I did . He stumbled a few times saying we can’t take a CC for a 9k used bike . I said no worries , call your boss over and let’s see who’s the shooter now . Less than pleased they took my card .
I live by cash back and points systems.


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Mikedezo44 said:
Someone needs a time out in the corner. I'm sure these employees are personally responsible for his lost deposit/payment. In another video I saw that showed the 30 seconds before this, he threw a chair in the air and punched that hole in the pillar.

https://twitter.com/x/status/1724514304874127855
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I understand the disappointment but as you said, the employees were swept up in this mess and both had nothing to do with the path here nor any ability to affect the path forward.

In future instances of bankrupt stores, it would seem to me to be better to move to a vacant box (spirit halloween is gone for the year) with different branding. Make it really obvious to people that they are dealing with a different and unrelated entity. If the sign said KVS Furniture Liquidators, you wouldn't have people trying to steal from the store at this scale. With the sign out front, people truly believe that bad boy is keeping their purchased products from them.
 
I'm surprised that the employees are showing up to work and deal with the customers.

I for sure wouldn't. Or If I did I would make sure to be busy doing an inventory check in the back.

No disrespect to the ****** of customers, they have a right to be mad. But I sure as hell didn't get the company into that mess and I sure as well wouldn't want to try to calm customer down and explain the situation to them. While the owners are sipping margaritas.
 
Mad Mike said:
Point 2. True, the background banking interchanges are abstracted from the consumer, you can only deal with your bank. It’s your bank who qualifies and initiates a chargeback and the communications then makes the final decision You can’t deal directly with Moneris, Global, card Services etc and who holds the liability on an approved chargeback is of no concern to the consumer.
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Thanks Mike. My reply states the processor manages the process. However, only the back end of things. Consumer still has to go through their bank to file a dispute. Not sure why I had to point out the processor element. Apologies as your post really didn’t need my input.

Cheers!
 
crankcall said:
I think you may have the wrong boat company Ontario Yachts never went under , Dirk and Maria ran it from 1961 up until about 5 yrs ago when they sold to the Mcrea family who moved it back Hamilton again. It was in Oakville ( with Grampian and C&C ) on speers , then Hamilton, back to Burlington and now Hamilton again . The new owners are friends , they currently build the Etchells one design .


But on the subject of BadBoy , selling then not filing warranties seems pretty douchey. Wonder how many landlords on rented stores , suppliers , and service people are unsecured creditors and are getting screwed . 5 Mercedes on lease is peanuts on a fold up like this .




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I think the MBs are financed... secure car lease isn't a thing as the lessor already owns the car.

MB will get the cars back and likely get stuck for any missed payments, car damages, and the tires that will get scrubbed off in the final joyrides.
 
oioioi said:
I'm surprised that the employees are showing up to work and deal with the customers.

I for sure wouldn't. Or If I did I would make sure to be busy doing an inventory check in the back.

No disrespect to the ****** of customers, they have a right to be mad. But I sure as hell didn't get the company into that mess and I sure as well wouldn't want to try to calm customer down and explain the situation to them. While the owners are sipping margaritas.
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A note to anyone returning to work in this situation.

My mother worked for a retail company that went bankrupt. Since she was a "Girl Friday" she knew just about every aspect of the operation and the receiver asked if she would work for them through the clear out.

Being a naturally hard working person, my mother said OK even though it was only half days instead of full time, same hourly rate.

A couple of months later they closed the doors for good and my mother applied for unemployment.

The first question unemployment asked was "What was your income for the last few months?" Ding! she should have quit at day one.

As far as the anger goes it is understandable. Taking it out on the employees is common but consider they may be getting screwed too.

Does anyone have Blaine Lastman's home address? Yell at him. Take his furniture. It'll be a lot better than the stuff in his stores.

The elite never seem to have to face the people they failed.
 
nobbie48 said:
Does anyone have Blaine Lastman's home address? Yell at him. Take his furniture. It'll be a lot better than the stuff in his stores.

The elite never seem to have to face the people they failed.
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I can confirm families that own large furniture retail chains don't use anything that they sell.
 
TK4 said:
Bad Boy ad in today's Toronto Star. Who put it there, the receivers ?
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Probably scheduled ahead of time by their marketing team . Now they don't care to pull it out.
 
BB is looking to restructure so ads and marketing will continue.


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crankcall said:
BB is looking to restructure so ads and marketing will continue.


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Who is paying for the ads if the receivers are running the company and does any money flow to the embattled owners?

What's the furniture market like with people fretting about rent and housing? It used to be one of the first casualties of a recession. What's the use of a new sofa if you're being evicted for non payment?
 
nobbie48 said:
does any money flow to the embattled owners?
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There is a simple game that can be played on the way down. Target did it. Float tank barrie did it. I will be shocked if bad boy hasn't done it. You separate real estate and operating companies. Float tank barrie (and I suspect bad boy) transfer everything to the real estate company (leasehold improvements, rent, etc) and then bankrupt operating company with few assets. Target still had a lot of assets so they played the game even more harshly. Real estate company charged exhorbitant rent and let the operating company get way behind on payments. When the inevitable liquidation occurred, more than 50% of every distributed dollar stayed in house as the real estate company was the largest creditor by far.

Edit:

The sob's at float tank barrie had a big sale when they knew they were done. Pay for a year of sessions in advance, get 25% off. They closed within a month or two of that promotion. Lots of people took them up on the offer. Got no sessions and no money back. Dirtbags.
 
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