Bad Boy stores across Ontario have officially shut their doors for good this week, less than three months after the furniture chain first announced that it was filing for bankruptcy.

Rumours circulating on social media Jan. 23 claimed that all locations of the brand would be closing permanently as of 9 p.m. that day, with one person saying on Toronto Reddit that the company had "laid most of their office staff off this afternoon" and "tried to do a restructure but apparently the bankruptcy man waits for no one."

blogTO's calls to Bad Boy's North York, Scarborough, Brampton and Mississauga locations on the morning of Jan. 24 seemed to confirm this news, with staff at all four saying that yesterday was indeed the last day in business for not just their store, but all of them.

They added that retail outlets will remain open for customers who have outstanding orders to pick up.

Badboy bankruptcy confirmed
byu/Mitchrockwell intoronto

Bad Boy was founded nearly 70 years ago by Mel Lastman — who went on to become mayor of North York and then newly-amalgamated Toronto —with a few stores in the GTA, which later expanded to more than 40 outposts across Canada.

The retailer launched restructuring proceedings under KSV Restructuring in early November (which was not its first time filing for bankruptcy) followed by liquidation through Infinity Asset Solutions, which included a blowout sale of up to 50 per cent off of their $25 million in inventory.

In a press release, executives said the move was sadly "necessary in the context of a challenging economic environment driven by high interest rates, declining sales in the housing sector and a tight retail climate, particularly in the home furnishing sector."

A total of $13.7 million was owed to creditors at the time the Notice of Intention to Make a Proposal was submitted under the Bankruptcy & Insolvency Act.

Toronto furniture chain Bad Boy files for bankruptcy after almost 70 years 😮 https://t.co/88Ycy80yqr #Toronto #Furniture #Chain #BadBoy #Bankruptcy

— blogTO (@blogTO) November 13, 2023

Shoppers who had already made deposits for items at the store were left high and dry without the offer of a refund or fulfillment of their purchase, which had some literally throwing chairs in anger inside Toronto-area locations.

It also looks like that the former Bad Boy headquarters is already being demolished by MGI Construction Corporation to prime it for redevelopment.