New Zealanders with Whitcoulls or Borders book tokens should redeem them as soon as possible, Consumer New Zealand says.

Consumer NZ deputy chief executive David Naulls told NZPA consumers had to make the best out of a bad situation.

"It's far from ideal...but I guess in a situation where the company is basically one step away from liquidation, possibly, then this is probably better than nothing," he said.

He said it was probably best to redeem the voucher rather than wait to see if the company survived.

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