(Update: be sure to read this followup story: “Entertainment Coupon Book Bankruptcy: The Fallout”)
If someone tries to sell you one of those Entertainment Coupon books – better think twice about buying it. The company has gone bankrupt.
Some Detroit media sites reported this morning that employees who showed up for work at Entertainment Promotions’ headquarters in Troy, Michigan were told their services were no longer required. A representative for the company confirmed to Coupons in the News that the company has filed for Chapter 7 bankruptcy, but referred further inquiries to the company’s bankruptcy attorney, who did not immediately respond to a request for comment.
If you’re not up to speed on your bankruptcy law, Chapter 11 is the type that allows a company to restructure. Chapter 7, for which Entertainment has filed, means the company is essentially a goner. It means many creditors, and customers, may never get any of their money back.
The company’s website is still active, and is still accepting online orders, though it now seems unlikely that those orders will be fulfilled. The phone number, however, appears to be deactivated. The big question is whether anyone who’s already placed an order will even get a coupon book – or get their money back. The company also offers coupon books, and even cookie dough, to groups that sell them as fundraisers. News of the bankruptcy now puts a number of active fundraisers in limbo.
Or perhaps not. Fortunately for many fundraising groups, Entertainment required no upfront costs to participate. Books were shipped to groups for free, and the company and fundraising organizations split the profits from any books sold. Considering there’s no one to send any money to now, fundraising groups could arguably continue to sell the books and pocket the full amount they’re sold for.
If you’ve already paid money for an Entertainment Coupon book, you may worry whether the companies whose coupons are in the books will still honor them. Since the coupons are already paid for, there’s no reason for them not to. Of course, with the coupon company itself out of business, there’s no one to ensure that the coupons are still worth more the paper they’re printed on. But only the most unscrupulous or confused company would take advantage of the situation and invalidate its coupons.
“At Entertainment Promotions, our goal is 100% customer satisfaction,” the company’s website says. “If you are not completely satisfied with Entertainment Online for any reason… we will gladly refund your membership fee.”
Except if they go bankrupt, that is. Then all bets are off.
(Read more: “Entertainment Coupon Book Bankruptcy: The Fallout”)
So I guess the money I paid in December 2013 and never got any book means I am s t out of luck great
Bankruptcy does not mean a company is gone- it mean it will be forced to restructure and possibly be sold. Assets will be sold to satisfy creditors. Before you write about a company being “gone”, perhaps you should do more research. The company is still in business, and in fact is selling 2014 books in most markets right now. https://www.entertainment.com/coupon/index.jsp?gclid=CP-dise_zroCFSU6QgodAGgAwA
You are quite correct that the company is in business. However, before you comment on an eight-month-old story, perhaps you should do more research – and read one of the many followup articles on this issue.
Like this one: “Sold! Entertainment Coupon Book is Back From Bankruptcy”
Pingback: Entertainment Coupon Book Company Files for Bankruptcy
After Entertainment’s closure, we started hearing from many organizations who suddenly found themselves without discount savings benefits or fundraising programs. We want everyone to know that we at SaveAround will continue to be a reliable partner for fundraising groups and merchants across the country! http://savearound.com/savearound-reacts-to-bankruptcy-of-top-competitor-entertainment-publications/
@SaveAround – you wrote a press release and spammed the comments to brag about your own coupon book? You do realize 600+ people just got laid off (so don’t gloat) and a large part of that layoff was a reliance on books, right?
Tim,
We agree that the circumstance is unfortunate and we are trying to help in whatever ways we can. While we cannot help all of the 600+ employees who were laid off, we do offer a program that could help many of the groups that just unexpectedly lost their fundraising partner. We issued a press release to inform these groups that we are available to offer our assistance with alternative fundraisers.
Pingback: FYI: Entertainment Coupon Book Company Files for Bankruptcy!!
I just spent $100 for my company Computer Doc (www.computerdocnc.com) for a guarantee to be in the book next year. I guess I will never see that money!
I would contact how you paid (i.e.; credit card) and dispute the charge!!
Pingback: Entertainment Book Files For Bankruptcy!
Pingback: Entertainment Coupon Book Files Bankruptcy! |
Pingback: Entertainment Coupon Book Files Bankruptcy! - Raining Hot Coupons
Well, this is unsettling news. Please keep us updated with any more info you can find out about this!
Pingback: Interesting Reads: Entertainment Book goes bust. Twinkies return and more | Green Bay Consumer