Tero bankruptcy Quebec company consumers upset

Tero bankruptcy: Quebec company consumers upset

The day after the announcement of the closure of Tero, a startup that offered a small kitchen appliance that turned table scraps into fertilizer, many disgruntled consumers took to social media to express their anger.

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“The saddest part is the hundreds of consumers who have invested almost two weeks’ wages on a device they will never see. In Tero’s last speech, there wasn’t even a shred of sympathy for her. Sad… indeed,” wrote one consumer.

Tero bankruptcy: Quebec company consumers upset

“A purchase paid for almost two years ago, with no delivery ever, neither of the Tero nor of the promised accessories, despite repeated promises.” In addition, it seems that there are no refunds! What a scam! It is expensive to want to support local businesses and trust the honesty of these people! I won’t get caught again! writes another.

Tero launched a crowdfunding campaign on Kickstarter in 2019 to begin manufacturing its compact composter and surpassed $1 million in 24 hours. The first customers paid between $600 and $800 to support the start-up company, which committed to providing them with the device. Some received it, others never. According to Lemieux Nolet’s legal counsel to Radio-Canada, it would be about 2,000. Unsecured creditors may never get their money back.

Tero bankruptcy: Quebec company consumers upset

Production costs higher than expected

On Tero’s Facebook page yesterday, the Quebec City entrepreneurs announced the end of the adventure, explaining that several factors led to their decision.

“Our Tero device cost significantly more to manufacture than expected due to several factors: supply chain issues have been exacerbated by the pandemic and the price explosion, not to mention the many challenges we encountered during development.” we read in the announcement of Tero, property of Élizabeth Coulombe and Valérie Laliberté.

“We fought heart and soul, but unfortunately this great adventure is over,” they add, thanking those who believed in Tero.

Some consumers who waited a long time for their device said they were able to get a credit card refund, while others weren’t.

A potential buyer for Tero could potentially change the course of history.

The creditors’ meeting is scheduled for June 1st.

The company’s third shareholder, EXFO founder Germain Lamonde, who is also CEO of Tero, learned of the closure through the media yesterday.

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