Unused Topshop NZ gift cards worthless now – receivers

By on November 3, 2017
Unused Topshop NZ gift cards worthless now - receivers

Over $110,000 in unused Topshop gift cards are worth nothing now, receivers of the fashion retailer say.

It only opened two stores, but Topshop Topman New Zealand closed in the red after three years, in September, to the tune of $4.1 million.

Although gift cards were redeemable when the stores were in receivership, $110,600 in of gift cards not used were now worthless.

"Now that the stores have closed, any unredeemed gift cards can no longer be used for stock purchases given trading in New Zealand has ceased," receiver Kare Johnstone said.

The first report by McGrathNichol receivers Conor McElhinney and Johnstone said Topshop owner Top Retail was in negative equity of $2.9m when it went into receivership in September.

Read the full article by Rachel Clayton > Business Day - stuff.co.nz



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