There is only a short time left for those who still have Air Miles points to use them. The company running the loyalty program is preparing to file for bankruptcy protection in the United States.
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The American company Loyalty Ventures, which manages Air Miles in Canada, is continuing negotiations with its creditors, which began at the beginning of the year, in order to reach a restructuring agreement, reports the agency. Bloomberg. The decision should be made in the next few days.
“We don’t know what will happen to the Air Miles company,” says Jean-Maximilien Voisine, the expert in loyalty programs and credit cards at the head of the Milesopedia site.
Loyalty Ventures’ stock has continued its descent since 2021, when it was at US$46.50. It ended Thursday at US$0.58.
Air Miles had been faltering for quite a while with the loss of one customer after another, including RONA, the LCBO and IGA grocery stores.
On March 23, IGA will switch to its own loyalty program, Scène+, which still leaves a few days to try to take advantage of Air Miles in its supermarkets.
Each slice of 95 miles allows – for the moment at least – to subtract $10 from your grocery bill at IGA.
Alternatively, suggests Mr. Voisine, Air Miles customers can go online to purchase vouchers “which normally are sent by email very quickly”.
The same slice of 95 miles allows the same $10, but this time at retailers like La Vie en Rose, Ardene or even Cineplex cinemas.