04 Sep '11, 1am

The risks involved when it comes to gift vouchers

Gift cards and vouchers sure beat having to gift-wrap presents but consumers recently learnt that these items can involve a tricky knot. The recipients may end up with worthless plastic or paper if the issuing retailer goes belly up, lawyers said. This may well be the case in the aftermath of troubled bookstore chain Borders being placed under judicial management last month, following the closure of its Wheelock Place outlet. More than 700 customers found that their gift cards could no longer be redeemed even though the bookstore's Parkway Parade outlet remained open. Borders' appointed judicial manager Tim Reid said in a letter to card holders that the store did not have sufficient funds to make good on its debts. Please enable JavaScript to view the comments powered by Disqus. blog comments powered by Disqus

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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