This is the best summary I could come up with:

A storied Greater Toronto Area furniture brand founded by the city's former mayor and popularized with television and radio ads proclaiming "nooobody" could beat its prices is aiming to restructure its business.

In a filing made under the Bankruptcy and Insolvency Act last week, Bad Boy Furniture Warehouse Ltd. said a slew of economic conditions that have weighed on consumers' shopping habits and its business forced it to make the "very difficult decision" to re-examine its operations.

The filing marks a significant turn in the history of the company started by entrepreneur Mel Lastman, who dropped out of school to work at an appliance store before opening his own on Weston Road in Toronto in 1955.

His son Blayne revived Bad Boy in the early nineties and these days, the Pickering, Ont.-headquartered retailer is wholly owned by him under Lastman Furniture Inc.

Bad Boy's Superior Court of Justice filings say its parent company owes many of its vendors, including most of its appliance and furniture suppliers.

As a result, Bad Boy is facing "significant" challenges sourcing inventory and filings show some developers have purported to terminate their contracts with the company.

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