Canada’s Bestar has agreed to a more than $16 million civil penalty for failing to report a defect in its wall beds until after one person was killed and more than a dozen others injured, some seriously, federal officials say.

Starting in September of 2014 and continuing through 2022, Bestar received numbers of reports that the products had detached from the wall. By 2016, the company was told of two cases in which people had been injured by the beds falling on them, according to a settlement agreement announced on Monday by the Consumer Product Safety Commission.

The furniture company then engaged with CPSC and Health Canada, but did not tell regulators of an additional five incidents it had become aware of by that time, the document said. In 2018, a Bestar wall bed fell on an elderly woman, causing injuries that led to her hospitalization and death later that year.

All told, Bestar was aware of 35 incidents in which its beds detached from walls and fell on people, resulting in the fatality and 15 injuries, some of which were serious, according the Consumer Product Safety Commission. Bestar knowingly failed to immediately report that its wall beds posed a serious impact and crushing hazard, as is required by law, the agency said Monday in a news release.

The CPSC has agreed to suspend all but $4 million of the $16.025 penalty because paying more than that would cause the company to go out of business.

Bestar and the commission announced a recall of the wall beds on April 7, 2022, warning consumers that a 79-year-old woman had died after a wall bed fell on her, injuring her spine. Bestar and the CPSC at that time stated the company had received reports of 60 additional incidents resulting in bruising and other injuries from the beds detaching and hitting people.

About 129,000 of the wall beds were sold in the U.S. from June 2014 through March 2022 online at Amazon.com, Costco.com, Cymax.com and Wayfair.com. Bestar also sold roughly 53,000 of the wall beds in Canada.

The commission explained the discrepancy between the lower number of incidents noted in its current press release and the higher case count in its 2020 recall as a matter of what the company had reported at specific times. 

“Our penalty cases focus on when the firms reported to us; not the recall date. So, it is earlier in time; thus, fewer incidents,” a CPSC spokesperson stated in an email. 

The settlement does not constitute an admission of guilt by Bestar to allegations including it knowingly broke the law, it said in the document. The company had not received “substantiated claims” that its beds had fallen on people so long as they were properly assembled and anchored to the wall. 

Bestar did not immediately respond to a request for further comment.

Bestar purchased Bush Industries in 2020, with both brands now operating under a corporate parent, eSolutions Furniture Group, which was established in 2021 and is based in Sherbrooke, Quebec, Canada. It operates manufacturing plants in Lac-Megantic and Sherbrooke, Canada, as well as in Jamestown, New York, Erie, Pennsylvania, Reno, Nevada, Sacramento, California and Asia. 

With the holiday season quickly approaching and spending expected to exceed that of 2023, many Americans may be wondering about their potential gift options. Some may even be considering gold, either in jewelry form or other traditional types like bars and coins. Gold is often a popular gift this time of year, but the price of the metal isn’t exactly what it was last November, either, having grown dramatically for much of 2024. So there may be some understandable hesitation surrounding the gift of gold. But that doesn’t mean it’s worth skipping, either.

For those unsure, it’s worth exploring if gold is still worth buying (and giving) this holiday season. Or are American shoppers better served by looking for an alternative? That’s what we’ll break down below.

See how much gold you could afford to buy here now.

Is gold still worth buying this holiday season?

While the price of gold has ticked up considerably year-over-year, there’s still a strong argument for buying in now. Here are three big reasons why:

The price is lower than it was

The price of gold dropped considerably in November, starting the month priced at $2,736.35 per ounce on November 1 to $2,607.51 per ounce on November 18 — a nearly 5% drop in less than three weeks. That offers an appealing entry price point for buyers right now. 

And remember, that price is tied to an ounce of gold. If the jewelry you purchase weighs less or you decide to turn to fractional gold instead, your price point will also be lower. So consider how much you want to buy and then start shopping for companies and sellers that can help you get started at today’s lower price point.

Get started with gold here.

The price will inevitably rise again

Gold price dips are inevitable but, long-term, the price of gold tends to remain strong and it moves in an upward direction. Even though gold is priced lower now than it was at the end of October, it’s still up 26% from the $2,063.73 per ounce it was priced at on January 1. So, the price of gold will inevitably rise again, potentially in the weeks ahead if inflation readings and other economic indicators aren’t positive. Buy in now, then, before a gold purchase in December becomes even more costly than it already is. 

Gold is a safe-haven asset with long-term value

A somewhat volatile gold price shouldn’t cloud buyer and investor confidence. That’s because gold, historically, is more of a safe-haven asset with long-term value versus something that can be bought, sold, and bought again like stocks and bonds. This is the enduring reason why so many buy gold jewelry — it remains valuable and strong for years to come, something which can’t be said for many other purchases. It’s critical, then, to remember this long-term approach to gold when considering adding it to your shopping list this holiday season. 

The bottom line

With the price of gold lower than it’s been but with the potential for it to rise again, many potential buyers may find now an advantageous time to purchase gold either as a gift or as an investment for themselves. With its reputation as a safe-haven asset with long-term value unchanged, even with the recent price movement, it makes sense to continue buying gold. That said, the price is still higher than it’s ever been, so investors and buyers should approach the precious metal with a smart and strategic approach to boost their chances of success.