It is kind of an appalling update, hearing that Canada’s top online coupon business has been filled up with the bankruptcy protection.
The company acquires two big portals "Dealfind and Teambuy" and now they are facing severe bankruptcy charges. It shows that a huge array of business will be deprived from their investments and the consumers will be stuck with such coupons that will now become valueless.
The Couch Commerce Inc. is the owner of MenuPalace, Dealfind and TeamBuy. The total payable funds that the company is liable to the creditors, is not officially verified now, however, the bankruptcy documents reveal that Dealfind single-handedly owes up to $11million to over 1700 businesses.
Most of the businesses consider their investments as bad debts as they don’t believe their investment would ever be paid for. For instance:
Mike Duenny of St. James Lanes is a victim in this instance, he said, “our coupon went online in early June and we haven't been paid a dime since it started”
“Do we honour them do we not honour them? You don’t want to irritate our customers, but we don't want to be out of pocket for all the money. Our staff still need to get paid," said Bernice Later of Holiday Mountain”
The future of bankrupt websites is most likely to rest in dark but the picture would be cleared in upcoming week. It is anticipated that the company would be acquired by an American-based NCrowd Company, daily deals marketplace. But exactly what will happen with these coupon businesses on account of bankruptcy is still blurred.
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