Air Miles has been in troubled waters for a long time now, and today, its future has become even more uncertain.
It appears that its parent company Loyalty Ventures Incorporated is preparing for bankruptcy filing, which sounds a lot like the final nail in the coffin for the beleaguered Air Miles.
Loyalty Ventures Prepares Bankruptcy Filing
As reported by Bloomberg, Air Miles’s parent company Loyalty Ventures has begun restructuring talks with creditors. While nothing has been made official yet, it’s expected that Loyalty Ventures may file for bankruptcy protection in the coming days.
Air Miles has been losing partnerships left and right over the recent past, and has struggled to remain relevant to Canadian consumers.
Over the course of the past year, Loyalty Ventures’s stock price has plummeted by around 96%, and in the past day alone, it has dropped by over 60%. This is certainly not good news for Air Miles, which has been struggling to remain relevant for quite some time.
Burn Your Air Miles (While You Still Can)
With so much uncertainty about the future of Air Miles, it goes without saying that it’s better to burn your miles while it’s still possible.
The Air Miles website is still functional, but there could be a flood of traffic in the coming hours as news breaks out.
We’ll be monitoring the situation closely and updating this article as more information comes in.
More to follow…
