I bought a local deal (Fandango middleman company called Digital Doorstep) and the company went bankrupt. I paid $24. Travelzoo refused to offer a refund or even a credit but instead offered me 2 $10 vouchers in recognition of me being a "good customer". Rep specifically said it was not a refund or credit for them selling me a product from a bankrupt and defunct company. And, again, it was $4 less than what I paid Travelzoo.
I guess if I were them and I wanted to retain a customer I would have done better than what they ended up doing, but at least they did something.