Major Appliance Chain Begins Big Liquidation Sales

Coast Appliances has started its going out of business sales online and at all 17 Canadian locations, including four in the Greater Toronto Area.

Discounts range from 10 to 30 per cent off, with additional bundle and save opportunities on small and major appliances for a limited time. Deeper discounts are applied to scratch and dent, and open box appliances. Sales of select store fixtures, furnishings and equipment will begin soon.

Manufacturers’ warranties remain in effect for new and display purchases. All purchases are available for immediate pick up. The company will continue to provide delivery, hauling and installation services, as well as financing options for the duration of the sale.

Customers are encouraged to shop early for the best selection of premium brands like Wolf, Sub-Zero and Thermador.

All sales are final — no exchanges, refunds or cancellations.

On April 27, the Supreme Court of British Columbia approved the liquidation of Coast Appliances. Just 10 days earlier, the national home and kitchen appliance retailer was granted an initial order under the Creditors Arrangement Act, which allowed it to continue business operations while attempting to reorganize or find a buyer instead of immediately declaring bankruptcy.

Court filings show that Coast Appliances has faced significant financial pressure in recent years due to the downturn in residential construction and housing activity, which drove much of its revenue, among other economic challenges.
It is $69 million in debt.

The retailer has received $15.5 million in customer deposits awaiting fulfillment. Some customers have reported they were informed their appliances will not be delivered and they will not receive refunds.

In business since 1978, Coast Appliances is also currently facing an investigation by the Competition Bureau of Canada into its marketing practices.