We advise members with Whitcoulls or Borders vouchers to try to redeem them as soon as possible.
The stores have gone into voluntary administration but are still trading at this point. Voluntary administration is a short-term measure that freezes a company’s financial position while the administrator and creditors work out its future.
No new gift vouchers are being issued. To redeem a gift voucher you currently hold, you must match it dollar for dollar with cash. For example, to redeem a gift card with a face value of $30 you must make a total purchase of $60 or more.
This may be the best deal voucher holders can get. If the two chains go into liquidation any vouchers are unlikely to be honoured as they fall into the category of an unsecured creditor.
More from consumer.org.nz
- Gift vouchers - our guide to your rights
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How can this be legal? Why is the consumer not protected by the Consumer Guarantees Act or such like?
I can't believe that we don't have this basic protect in place already!
Can Consumer Mag, please enlighten us all?
I am not interested in a "50% off voucher" if I can't use my voucher without doubling the purchase value, I won't use it. Nor will I or my family ever shop or support these stores again.
Surely by doing this the parent company are breaking the agreement that was made between the purchaser and the seller at the time the gift card was purchased. The company is only in voluntary administration, NOT in receivership and liquidation so they cannot change the terms and conditions as yet.
Apart from the bankruptcy thing, I've read that one in four gift cards are never redeemed.
A carefully though through gift is a wonderful thing. But if you can't be bothered, or are uncertain what your recipient wants, give cash: it doesn't expire or get lost and can be used anywhere. Or give a charitable gift via Oxfam or the like, a donation in someone's name, most people have too much stuff already!
I think this is just stupid. People have bought vouchers for family or friend or themselves. These should still be able to be used as people have paid for them, why let people pay for these and lose their money on them. Obviously I think these vouchers should still be used until the expiry date is up!
How is this not fraud? Whitcoulls knew they were in trouble but went ahead with selling gift cards. Now the gift card holders have to spend additional cash equivalent to the gift card value in order to redeem the gift card. This sounds like a premeditated ploy to wring more money from unsecured creditors before they fail to honour the gift cards altogether. How is this a legitimate way to do business?