Bad Boy Furniture aiming to restructure business as it faces 'challenging' economy
Bad Boy Furniture Warehouse Ltd. is aiming to restructure its business through a filing made under the Bankruptcy and Insolvency Act.
The Greater Toronto Area furniture company says in Ontario court filings that the move has become necessary because Bad Boy is operating in a "challenging" economic environment.
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The company says high interest rates, falling home sales and a tight retail climate are impacting its business.
The conditions have left Bad Boy owing many of its vendors, including most of its appliance and furniture suppliers. It is also facing significant challenges sourcing more inventory, which is impacting its retail business.
As a result of its challenges, Bad Boy says it is considering a liquidation sale to wind down inefficient portions of its business.
The Pickering, Ont.-headquartered retailer, which started in 1990, is owned by Lastman Furniture Inc. and has 12 stores across Ontario.
This report by The Canadian Press was first published Nov. 13, 2023
The Lastman's Bad Boy store is seen in London, Ont. in this image from October 2022. (Source: Lastman's Bad Boy)
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