Boders Closes Down And Trashes Gift Vouchers
ON the forums, AGW writes on how Borders closing its doors is bad news for anyone who bought one of the firm’s gift vouchers. It wasn’t a voucher – it was an investment, liable to go down in value. You are not a customer – you are an “unsecured creditor”.
YOU may have spotted the Internet and High Street books and the like trader Borders is in administration.
The Times said, on Novemeber 26, the move:
“Puts 1,150 jobs at risk, MCR, the insolvency and restructuring firm, confirmed. Borders, which has 45 stores including a handful that trade as Books Etc, has been struggling to raise cash to trade through Christmas.”
Very nice. But that beautifully-worded press release re-hash misses the important point…the customer. It turns out the Administrator may be on to a very good thing at this time of year. Thousands upon thousands of forward thinkers have bought Borders Gift Vouchers to hand out as Christmas presents.
The Administrator policy on vouchers is wondrously quirky and boils down to “Take the eye teeth out of the punter. Cut the value by half.”
As one facebook contact says: ” The robbin’ tw@ts I can’t f***in’ believe it.”
and, later yesterday:”Done now, spent them but they would only give 50 per cent off any one purchase, meaning for a £20 voucher you’d need to spend £40 to redeem it fully!! I”ll never buy another Gift Voucher from anyone ever again.”
Anyone care to join me in the new insolvency company. Grabitt and Runne (incorporated at the old Semtex factory, Dubrovnik). We’ll make millions.
Posted: 1st, December 2009 | In: Money Comment | TrackBack | Permalink
