Bad Boy Furniture Warehouse Limited, NOI
Bad Boy Furniture Warehouse Limited, a Pickering, Ontario-based furniture, appliance, and electronics retailer, filed an NOI on November 9, listing approximately $26.4 million in liabilities, including $4.4 million to its principal secured creditor Laurentian Bank of Canada. The company has approximately 275 employees across its head office, warehouse and 12 physical stores across Ontario. It also sells furniture via an e-commerce platform, and sells appliances to real estate developers and property managers through its “builder business”. Bad Boy is significantly in arrears to substantially all of its appliance vendors and most of its furniture suppliers. It has been facing significant challenges sourcing inventory, which has affected its retail business and its builder business, with certain developers in the builder business having purported to terminate their contracts with the company. The company has received approximately $4.5 million in customer deposits which have been applied to reduce the operating facility and will not be returned. It has sought approval of a liquidation process to be carried out with the assistance of Infinity Asset Solutions. KSV is the proposal trustee. Counsel is Goodmans for the company, Osler for the proposal trustee, McCarthy Tétrault for Laurentian Bank of Canada, Camelino Galessiere for RioCan, Torys for First Capital Asset Management, and Fogler Rubinoff for Centura Real Estate.
By: Dina Milivojevic