DealFind, TeamBuy coupons not being honoured as sites face bankruptcy
Published Wednesday, September 17, 2014 10:10PM EDT
Last Updated Thursday, September 18, 2014 12:47PM EDT
Some customers who use promotional coupon sites TeamBuy.ca and DealFind.com say their coupons aren’t being honoured.
Couch Commerce, the company that owns the websites, is in bankruptcy protection, leaving businesses and customers at a loss.
George Jacob, a customer who has coupons he hasn’t used, is worried he’ll lose that money.
“They flat out said they won’t refund my money and they won’t give me my products,” Jacob told CTV Toronto’s Pat Foran.
The exact amount of money owed to creditors is not known.
Documents obtained by CTV News show the company’s outstanding balance to creditors is nearly $11 million.
Couch Commerce filed for bankruptcy in late August.
Marketing consultant Brynn Winegard says the coupon sector has had problems with expiry dates, fine print and other restrictions which have been a consumer turn off.
“Some will survive, others will get acquired, others will exit the market place or spin what they have into something else,” Winegard said.
Across Canada, businesses are worried they may never be paid.
Mike Devenney, manager of a bowling alley in Winnipeg, used the group-buy website to attract new customers.
Devenney said the bowling alley never got its cut after customers redeemed dozens of vouchers.
“It went online and we haven’t been paid a dime since it started,” Devenney told CTV Winnipeg.
“They’ve sold you a coupon under my name so I have to honour it. Well you don’t have to but you sort of have to if you want the goodwill of your business,” he said.
Devenney said the business has lost nearly a thousand dollars so far.
Couch Commerce says they will refund all sales made after Aug. 29, which is when the company filed for bankruptcy.
A pending takeover deal could save the business.