June 1, 2023

The Queens County Citizen

Complete Canadian News World

Air Miles Bankruptcy Soon

Air Miles Bankruptcy Soon

There is only a short time left for those who still have Air Miles points to use them. A company that runs a loyalty program is preparing to file for bankruptcy protection in the United States.

• Also Read: Spend your remaining Air Miles points

American company Loyalty Ventures, which operates Air Miles in Canada, is continuing talks with its creditors that began earlier in the year to reach a restructuring deal, the agency reported. Bloomberg. A decision should be taken in a few days.

“We don’t know what will happen to the Air Miles company,” says Jean-Maximilien Voisin, an expert in loyalty programs and credit cards, head of the Milesopedia site.

Loyalty Ventures stock has continued its downward trend since 2021 at US$46.50. It closed at US$0.58 on Thursday.

Air Miles has been struggling for a long time, losing one customer after another, including RONA, LCBO and IGA grocery stores.

On March 23, IGA will switch to its own loyalty program, Scène+, which still has a few days left to take advantage of Air Miles at its supermarkets.

Each slice of 95 miles — at least for now — lets you take $10 off your grocery bill at IGA.

Alternatively, Mr. Voisine suggests that Air Miles customers can go online to purchase vouchers “which are usually sent very quickly via email.”

The same slice of 95 miles allows the same $10, but this time at retailers like La Vie en Rose, Ardene or Cineplex Cinemas.