The global health crisis hasn’t been easy for retailers. With the mandatory closure of non-essential businesses, many stores and restaurants, both small and large, have been pushed to the limits.

Companies teetering pre-COVID — like J.Crew and Gap — are facing difficult decisions and now it seems like a popular Canadian camera retailer will be closing stores, too.

Henry’s, otherwise known as “Canada’s greatest camera store,” filed a Notice of Intention to Make a Proposal (NOI) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act on May 1.

According to Insolvency Insider, Cranbrook Glen Enterprises Ltd., the company that operates camera and accessories retailer Henry’s, intends to shutter close to a third of its stores. With the temporary closure of all 30 Henry’s stores due to COVID-19, the retailer has seen a large impact on its sales.

Henry’s plans on restructuring its business.

Its e-comm business will remain open, as well as 23 of its stores across Canada. Currently, Henry’s operates retail locations in British Columbia, Manitoba, Halifax, and Ontario, with the majority of stores based in the greater Toronto area.

The company hasn’t confirmed which locations will be closing yet, but we’ll keep you updated as the story progresses.

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I’m desperately in need of a new tablet! The iPad I purchased a few years back was bought on a whim and I didn’t take into consideration how I’d be using my tablet for more than just watching Netflix. As a result, I’m doing some comparison shopping for new tech toys and came across a popular service offered by some retailers to help put money back in shoppers’ pockets.

Retailer ‘Buyback Programs’ are nothing new (often referred to as ‘trade-in’ programs).  Buyback programs ensure that used electronics are disposed of responsibly and/or salvaged and provide customers with a discount towards the purchase of a replacement product.

Buyback programs have been helping consumers upgrade their mobile devices for years. Now, retailers are buying back more than just cell phones; they’re offering rebates for all types of electronics ranging from laptops to cameras. Here’s a roundup of the retailers offering buyback programs in Canada.

Best Buy Canada

Best Buy’s Trade In Program offers customers the opportunity to receive a best buy gift card in exchange for gently used iPods and MP3s, tablets, cell phones, laptops, Macbook, games and gaming consoles. Trade in values are determined by the age, condition and original accessories and packaging brought in alongside your product. Tip: track down all of those manuals and cables that came with your item in order to get the highest return on your trade in.  

Apple Canada

Apple’s Trade Up Program allows Mac and PC owners to get an estimate on the value of their current device in exchange for cash (that’s right, you don’t even have to purchase your replacement device at Apple). Apple has partnered with Phobio to facilitate the online trade-in process. After answering a few short questions about your device and inputting its serial number, you’ll get an idea of your device’s value and can choose to ship it in for a credit using a prepaid shipping label provided by Phobio.

Microsoft Canada

Microsoft’s Trade In & Save Program is geared towards customers wanting to upgrade to a new Surface. Bring your old laptop, tablet, phone, or gaming console into a Microsoft Store and if after an assessment they determine that it has value, you’ll receive a Microsoft Store credit. If your item doesn’t have any value, Microsoft will wipe your data and safely recycle the device for you.

Henry’s

Henry’s Trade It, Upgrade It Program makes upgrading your film camera or DSLR easy. Henry’s will gladly buy back your second-hand equipment and give you a store credit to use towards a purchase. Trade-in values vary depending on the condition of an item. When upgrading to new and pre-order devices, Henry’s often offers special ‘enhanced’ trade-in values to increase the credit received from your used device (this can be up to $200 in added savings).

Have you used a buyback program before? Leave a comment below.

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It’s no joke… I love to shop. I save and skimp on purchases that I’d consider trendy, disposable or impulsive. However, when it comes to investment items (like electronics and furniture), I generally do my research to ensure that the purchase is worthy of a splurge. How long until this thing breaks? How much will a repair cost? These are the types of questions I ask myself before splurging on something new.

For big ticket purchases likely to damage, there’s the cushion of a manufacturer’s warranty as well as a retailer’s extended warranty plan to consider. While a manufacturer’s warranty generally covers product malfunctions for up to 90 days, a retailer’s extended warranty plan covers a wider variety of damages for a longer period of time.

Nowadays, almost every retailer is hawking an extended warranty plan in order to increase sales. Some retailers hassle you at the checkout with extended warranty offers (making you question the product’s integrity), while other brands subtly mention that an extended warranty is available. So when is it worth investing in a retailer’s extended warranty plan? We’ve rounded up the top 5 retailers with the best extended warranty plans in Canada.

When buying a smartphone…  Best Buy

It’s no surprise that the Best Buy Geek Squad is one of the most notable customer service names among electronics retailers. Known for efficient 24/7 service, Best Buy’s Geek Squad Protection Plan is worth the splurge. The Geek Squad offers customers a wide variety of extended warranty plan and membership options based on different service level needs (from online to in-home support). 

When buying a computer… Apple

Apple users appreciate innovative products that last. While Apple’s one-year limited warranty is generous, you can’t go wrong with investing in AppleCare Protection Plan or AppleCare+ to protect your investment in case of future hardware damages or software malfunctions. The best part? There’s no pressure to purchase AppleCare on the spot – you have within the one-year warranty window to purchase the extended coverage if you decide to do so.

When buying a TV… Costco

Costco rarely disappoints when it comes to savings – their extended warranty plan is no exception. Costco’s Excellence Plus Program protects your television purchase for three years! The warranty is foolproof and is priced according to the TV’s purchase price. The best part? The three years of additional coverage kick in after the TV’s one-year manufacturer’s warranty and the 2nd year of coverage provided through Costco’s Concierge Program (that equals five years of coverage on your TV purchase).

When buying a camera… Henry’s

Henry’s is known as ‘Canada’s Greatest Camera Store’ for a reason. They stand behind their products and provide customers with variety and value – this sentiment is backed by an extended warranty plan that increases the lifespan of your camera by three years. Henry’s claims that their Extended Life Program pays for itself after only one repair! This plan is something you’ll want to consider investing in, especially if your camera is for professional use or avid personal use.  

When buying tools or appliances… Home Depot

Calling all DIYers! If you’re an avid Home Depot shopper, you know the value in investing in Home Depot’s Extended Service Plan for items like power tools and major appliances. Home Depot offers a ‘no lemon’ guarantee – meaning that if the same product component requires three service repairs, Home Depot will replace the product entirely (i.e. if they can’t fix it, they’ll replace it).

Do you agree with our list of the top five retailers with the best extended warranty plans? Who would you add?

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