Bad Boy Furniture Officially Deemed Bankrupt
After nearly 70 years in the furniture business, Bad Boy Furniture is no more.
The famed Toronto-area retailer, properly known as Bad Boy Furniture Warehouse Ltd., is deemed bankrupt after failing to file a cash-flow statement or restructuring proposal by Jan. 23, as revealed in a document on the website of bankruptcy trustee KSV Advisory.
Last November, the company that was originally founded by Toronto’s former mayor Mel Lastman filed a notice of intention under the Bankruptcy and Insolvency Act, citing it wanted to restructure its business. Within a week, the Ontario Superior Court of Justice gave Bad Boy permission to start liquidating its stores — a process that was to end by Feb. 15.
The retailer’s debts owed to unsecured creditors total $13.8 million, including $2.4 million to Whirlpool, $840,924 to Samsung, $822,703 to Electrolux, $621,921 to MC Commercial, the distributor of GE Appliances, and $404,410 to LG, among others.
Additionally, Bad Boy collected $4.5 million in deposits from customers for furniture that had not yet been delivered at the time the notice of intent was filed.