Liquidation of inventory is proceeding for iconic Canadian retailer Bad Boy Furniture.
Infinity Asset Solutions has been appointed to oversee the total liquidation of Bad Boy’s entire $25-million inventory.
KSV Restructuring Inc. is the proposal trustee for Bad Boy Furniture. The decision to hold the liquidation sale is part of Bad Boy Furniture’s strategic restructuring plan providing customers with a unique chance to enjoy extensive savings on a wide range of brand name furniture, electronics and home decor items, said officials in a news release.
“The story of ‘Bad Boy’ began in 1953 with Mel Lastman, a flamboyant Toronto appliance salesman who went on to become mayor of Toronto. That year, his future wife, Marilyn, got her husband a salesman job at an appliance store in Toronto. A year later, he purchased the ‘Heather Hill Appliance’ store. With advice from a friend in marketing, 1955 saw the birth of the first Bad Boy store. By 1990, Bad Boy had a chain of over 40 stores. In 1991, Mel’s son Blayne revitalized the image of stores including the now famous slogan: “noooobody”! Mel died in 2021. Now, his legacy of stores is closing forever,” according to the release.
Officials said the liquidation marks a significant opportunity for consumers to acquire high-quality furniture and home goods at unprecedented price cuts. Discounts will start at 20 per cent to 50 per cent off the lowest marked price storewide. These massive discounts include a diverse selection of furniture, including sofas, bedroom sets, dining tables, mattresses, electronics and more.
“This is an excellent opportunity for consumers to enhance their living spaces with stylish and functional furnishings. All sales are for a limited time only and consumers are encouraged to shop early for the very best selection,” said the news release.
“Infinity Asset Solutions is known for its expertise in asset dispositions, ensuring a seamless and organized shopping experience for all Bad Boy customers. Bad Boys knowledgeable staff will be on hand to assist with any inquiries and provide guidance throughout the sale.”
Documents filed November 9 to the Ontario Superior Court of Justice (Commercial List) in Bankruptcy and Insolvency said:
“The Company is significantly in arrears to many of its vendors, including substantially all appliance vendors. The Company is also in arrears to most of its furniture suppliers. The Company is presently having significant challenges sourcing inventory, which is affecting its retail business and its Builder Business. Certain developers in the Builder Business have purported to terminate their contracts with the Company.
“In the ordinary course of business, the Company takes deposits from customers at the time of sale for the future delivery of merchandise. Customer deposits received by the Company are deposited into the Company’s bank account and then applied in reduction of the Operating Facility. The Company’s records reflect that it has received customer deposits totalling approximately $4.5 million. It is the Company’s intention to advise its retail customers who paid deposits and have not yet received their order to contact their credit card company to attempt to obtain a refund of their deposits. Where possible, the Company, in consultation with the Proposal Trustee, also intends to 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.
“The Company was incorporated under the laws of Ontario on July 17, 1990. The Company is wholly-owned by Lastman Furniture Inc., which is wholly-owned by Blayne Lastman, the Company’s President, Chief Executive Officer and sole director. The Company sells furniture, appliances and electronics through 12 retail stores across Ontario and through an e-commerce platform. The Company also sells appliances to real estate developers and property managers (the “Builder Business”). The Company’s head office and main warehouse is located at 3550 Sideline 24, Pickering, Ontario. The Company’s flagship store is located at 1119 Kennedy Road, Scarborough, Ontario . . . The Company presently has approximately 275 employees, including head office, warehouse and store employees. The Company’s workforce is not unionized and the Company does not offer a pension plan to its non-director employees.”
