The Wireless Toyz franchise has a shockingly high SBA loan default rate of 63%. Wireless Toyz is listed by the SBA as one of the worst franchises by SBA loan default.
Are you familiar with the Wireless Toyz franchise opportunity? Please share a comment below.
According to the Small Business Administration, Wireless Toyz franchisees received 42 SBA-guaranteed loans since 2001; more than half of those loans have been defaulted on by Wireless Toyz franchise owners.
The Wireless Toyz franchise and founder Joe Barbat have been no stranger to controversy, as evidenced by these posts on their franchise conflicts in the past:
WIRELESS TOYZ: Joe Barbat Boasts Victory in Franchise Lawsuit
WIRELESS TOYZ Fraud Case: Franchise Company, Simtob Must Pay; Barbat Cleared
WIRELESS TOYZ: Joe Barbat Claims Lazy Franchisees Have Selves to Blame
WIRELESS TOYZ: Joe Barbat Fraud Trials
What’s especially sad is that it’s likely that Wireless Toyz franchise owners who received SBA loans may have collateralized their franchise loan with their houses or other personal assets, and more than half of them were unable to repay those franchise loans… despite serious incentive to do so.
Are you familiar with the Wireless Toyz opportunity?
What do you think accounts for the SBA loan failure rate of Wireless Toyz franchise owners?
What steps should Wireless Toyz take to stop further franchise failures?
Has Wireless Toyz and Joe Barbat taken serious action to address the problems that led to the 63% loan failures?
Please share a comment, opinion or insight below.
ARE YOU A WIRELESS TOYZ FRANCHISE OWNER OR WIRELESS TOYZ FRANCHISEE? ARE YOU FAMILIAR WITH THE WIRELESS TOYZ FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
Tags: Wireless Toyz, Wireless Toyz franchise, Wireless Toyz complaints, electronics franchise, cell phone franchise, cell phone store, start a cellular store, franchise opportunity, franchise failure rate, worst franchise, sba failure rates, SBA franchise loans, franchise information, unhappy franchisee, Joe Barbat, Joseph Barbat
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The wireless toyz franchise stores i Phoenix arizona, owned by Sean Farida and his family, are really crooked. I was sold a defective LG phone in July 2014, and had my number ported from another carrier. To this day, my phone has not been repaired (under warranty as promised), it will not properly send & receive text messages, and has problems with retrieving messages from voice mail. I also paid extra for UNLIMITED high speed data, but it still STOPS (not slows down, STOPS) at 2.5Gb. I've returned to their store 7 times for repairs and as of today 3/31/2015 THEY HAVE DONE NOTHING!! They are a bunch of arabian crooks.