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CyberRebate bankruptcy

Geoff Gasior
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CNet is reporting that CyberRebate is filing for bankruptcy.

The May 16 bankruptcy filing of CyberRebate.com, a major Internet retailer that offered 100 percent rebates on expensive electronics items, leaves the company $59 million short of the amount it owes consumers, many of whom find themselves up to their ears in credit card debt.

[snip]

Many reporters assumed CyberRebate earned a profit by collecting interest or selling some items for less than a full 100 percent rebate. In fact, as CyberRebate CEO Joel Granick told me in an interview for the original story, the company depended on the fact that at least 5 percent of its customers never got around to sending in the required rebate forms.

CyberRebate priced its items as much as 10 times above list. If the 5 percent non-claim rate is correct, CyberRebate could double its money on each item shipped, averaged across thousands of orders.

Some things just are too good to be true.

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