REDGROUP GIFT CARD REDEMPTIONS

24 March 2011

Holders of gift cards from Borders or Angus & Robertson have been urged to redeem their cards by the close of business, Sunday April 3.

Since the appointment in February of Administrators to REDgroup Retail, the owner of Borders and Angus & Robertson, the Administrators have continued to honour gift cards under a scheme that allows card holders to extract the value of the gift card by matching it dollar for dollar in payment.

This means a customer can buy $40 worth of books by using a $20 gift card and $20 cash or credit card payment.

The Administrator of REDgroup Retail said today that this scheme will continue until 3 April. Any cards not redeemed by that time will not be honoured under the Administration.

Administrator Mr Steve Sherman said the gift card deadline was a necessary part of the Administration process and was brought about because of the need to obtain financial certainty in relation to the gift card liability.

“I strongly urge all gift card holders to redeem their cards before the April 3 deadline,” Mr Sherman said. “Gift card holders who fail to redeem their cards by the deadline may register as unsecured creditors of REDgroup Retail, but their cards may potentially have no value.”