In this article, we will explore in depth the exciting world of CyberRebate. From its historical origins to its relevance today, through its different manifestations over time, we will delve into a complete analysis that will allow us to understand the importance and impact that CyberRebate has had in various areas. Furthermore, we will examine the reasons behind its popularity and its influence on society, as well as the possible future implications that could arise from its evolution. Get ready to embark on a revealing and enriching journey through CyberRebate.
Cyberrebate.com, Inc. was an online retailer founded in May 1998 that went bankrupt in May 2001, after the collapse of the dot-com bubble.
The company sold items at grossly inflated prices, as much as 10 times the list price, but promised customers a 100% rebate.
The company relied on the assumption that 50% of its customers would neglect to apply for their rebate.
History
Joel Granik, Joseph Lichter and Athan Vadiakas started the website on May 16, 1998. By November 2000, the company claimed to have rebated $39 million to its customers.
In January 2001, it was the third–ranked online retailer in the United States and had 7.7 million web users per month.
The company filed for bankruptcy protection under Chapter 11, Title 11, United States Code on 16 May 2001, citing $83.3 million in liabilities and $24.5 million in assets. Approximately $80 million was due directly to customers in unpaid rebates. At the time of the bankruptcy filing, there were 9 customers that were due pending rebates of $79,000-$100,000 each.
In April 2005, some creditors were awarded $0.08802 per dollar of allowed claims. A second, final disbursement was made to creditors in August 2006 for $0.0006276 per dollar of allowed claims, or roughly $1 for every $1,600 claimed.