The claret keeps flowing at REDgroup, with these distasteful morsels from Bookseller+Publisher:
Administrators Ferrier Hodgson announced today that REDgroup Retail customers have until 3 April to redeem Angus & Robertson (A&R) and Borders gift cards in store…
Gift card holders do have the option to register as an unsecured creditor of REDgroup Retail, however, the administrators said that ‘preliminary analysis has indicated that unsecured creditors are unlikely to receive any dividend in the liquidation of the companies’.
In a document entitled ‘Updated Gift Card FAQs’, which is available on the Ferrier Hodgson website, the administrators said they ‘strongly urge’ customers to redeem their vouchers as soon as possible, as the administrators will not redeem gift cards after 3 April ‘under any circumstance’. Customers are also unable to redeem gift cards online, with online redemption ‘no longer an option due to the infrastructure of the online services’.
Honestly, no-one wants to see this. It looks, very, very bad for the company, and Borders, A&R and Whitcoulls voucher-holders, who have already had the value of their gift cards slashed in half.