Lastman’s Bad Boy Furniture files for bankruptcy

Canadian company Lastman’s Bad Boy Furniture says it is aiming to restructure its business after filing for bankruptcy.

The company first launched in 1955 when former Toronto Mayor Mel Lastman opened the first store on Toronto’s Weston Road.

The inaugural store would grow to a chain of over 40 locations across the country.

In a letter shared with staff and customers, Lastman’s says the decision was necessary in the wake of a challenging economic environment driven by high interest rates, declining sales in the housing sector and a tight retail climate in the home furniture sector.

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These conditions have left the chain owing many of its vendors, including most of its appliance and furniture suppliers. Additionally it says that there have been significant challenges in sourcing more inventory, which is impacting its retail business.

With these challenges, Bad Boy says it is considering a liquidation sale to wind down some portions of its business.

Some customers have also been warned that those who have made deposits for future deliveries may not receive their purchases or refunds.

The chain is recommending that anyone who made a payment by credit card contact their credit card company immediately.