CyberRebate.com, an Internet startup promising full rebates to customers for items bought through the company's website and used by many College students, filed for Chapter 11 bankruptcy Wednesday in New York.
The company offered customers a variety of electronics, home products and children's toys through its website at heavily inflated prices. After 12 to 14 weeks, CyberRebate promised to refund most or all of the purchase price.
This week's move promises to leave many College students and other customers in the lurch if the company proves unable to pay customers for items they bought--and for which they now expect payment.
Alex X. Berrio Matamoros `02, a recent customer of CyberRebate, said the company owes him about $1,700 for items he bought through the website, including a cordless phone, computer power cords and a new scooter.
"I'm supposed to be getting a check this week or next," Berrio Matamoros said.
But according to the office of New York State Attorney General Eliot Spitzer, if
Berrio Matamoros wants a check at all, not to mention the full amount he is owed, he may have to put forth significant effort.
"Bankruptcy proceedings usually take a long time and frequently creditors receive only a small part of their claim," warns the office's webpage on the CyberRebate.com case.
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