TeamBuy.ca and DealFind.com have Filed Bankruptcy
It has come to my attention that TeamBuy.ca and DealFind.com recently declared bankruptcy:
Dear Valued Customer,
Please be advised that as of Friday, August 29, 2014, Couch Commerce Inc., the parent company of TeamBuy.ca/Dealfind.com, has entered into a legal & financial restructuring process. Pursuant to the rules and regulations governing the restructuring process, we cannot honor TeamBucks issued on or before August 29, 2014 and issue any refunds related to purchases on or before August 29, 2014.
Please note the purpose of the restructuring is to provide the Companies with a more stable environment to continue operations and develop a plan that will allow us to continue in business. We appreciate your prior support and looking forward to continued support through this important process.
Sincerely,
Sarah
Manager of Customer Experience
TeamBuy.ca | Dealfind.com
I’m shocked and disappointed by the news. TeamBuy/DealFind was one of my favourite daily deals sites. I bought a lot of deals from them over the last couple years and never had any issues.
Allegedly, TeamBuy/DealFind is no longer offering refunds and has stopped paying their merchants. This has forced some merchants to stop accepting/honouring their vouchers. If you have any oustanding TeamBuy/DealFind vouchers that you haven’t used, your I suggest you contact the merchant and ask if they’re still honouring the voucher. If they’re not, you can contact TeamBuy to request a refund or call the number on the back of your credit card and request a charge back.
Because I can’t guarantee if any deals purchased from TeamBuy/DealFind will be honoured, I’m going to stop posting TeamBuy/DealFind deals on my blog. I will keep you posted and will let you know if I hear any updates about this matter. In the meantime, I will continue to work hard and find all the best deals by posting them on my blog.
UPDATE: I talked to TeamBuy (on Sept 15) and was told they are currently in the process of a corporate restructure. They are strengthening their financial position and will come back stronger then ever. They are expected to announce positive news as early as next week.
How can they announce positive news? They’ve laid off all their employees (no more social media updates), owe merchants over 30 million dollars, and basically have attempted to write off all their in store credit (‘teambucks’). They are continuing to sell vouchers that cannot be honored, hurting both consumers and merchants! This is a horribly corrupt company and they should be prosecuted to the fullest extent!
Hi raymond i didnt know abt this but a month ago i did get a refund but its teambuy dollars not a cc refund. Are they offering cc refunds now or am i badically out of pocket while they go bankrupt?
Candace, call your cc and get a charge back that way. You can do it even if the transaction was a few months back!
In totally agree with Joe F. as I have had the same experience oif not having my vouchers honored and the company refusing to provide =ANY refund. I am totally disgusted!!! I echo the words that “THIS IS A HORRIBLE COMPANY AND SHOULD BE PROSECUTED TO THE FULLEST EXTENT POSSIBLE!!!!!”
http://mnpdebt.ca/en/corporate-insolvency/corporate-engagements/Pages/details.aspx?title=Couch-Commerce-Group
I am a merchant that is owed about $40,000.00 from teambuy. Their corporate restructuring will likely end up with the merchants getting zero! The only creditor that is positioned to get their money is their venture capital company B.E.S.T. funds. Read the documentation available on the trustee website for this “restructuring” and you will see the “almost” complete story. I say almost because the offer to purchase information from nCrowd (the US company looking to take over) Iis considered “confidential”. I don’t know why the merchants that are out $8+ million dollars can’t see this offer to purchase. Something feels very wrong here.
When was this Dear Customer letter issued? I am a dear customer and I never received this notice. I now have $54 in teambucks that I apparently can’t use.
Teambuy does not and has never offered refunds. They give ‘refunds’ in the form of TeamBucks, and only a fraction of the amount you spent. If you were offered ‘teambucks’, you should refuse the credit, then call your credit card company for a charge back.I have had successful refunds that way.
I bet the only ‘positive news’ they will announce will be’positive’ to them, not the customers or merchants.
Continuing to sell vouchers while not paying merchants is disgusting.