Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Hugh Wrights “Receivership” Sale misleading


Commission sends warning to clothing retailer: Hugh Wrights “Receivership” Sale misleading

The Commerce Commission has sent a warning to clothing retailer HW Munns Limited following advertising of a Hugh Wrights Receivership Sale.

The advertising, which stated “Hugh Wrights Receivership Sale – The Receiver has released more stock, Willis Street Store Only” appeared in Wellington’s Dominion Post newspaper earlier this month. In addition HW Munns has advertised the receivership sale on radio.

A Commission investigation revealed that HW Munns had purchased all of Hugh Wright’s clothing stock from the receiver prior to offering it for sale. It also purchased stock from Hugh Wright’s suppliers, which had not arrived at the stores before the company was put into receivership, and supplemented this with stock from HW Munns’ Christchurch store. The stock now being offered for sale is no longer part of the receivership process and to refer to it as such is misleading.

Director of Fair Trading Deborah Battell said the Commission has sent a warning letter to HW Munns advising the company to immediately stop advertising its sale as a ‘receivership sale’ or risk breaching the Fair Trading Act.

“Consumers are entitled to know that, strictly speaking, this is not a receivership sale. HW Munns bought the stock and the proceeds of the sale are not going to the receiver,” she said.

Background

HW Munns was given the right to use the name Hugh Wright’s on three of its stores – in Wellington, Auckland and Christchurch – and to lease the Hugh Wright’s premises until after Christmas, having purchased all of Hugh Wright’s stock from the receiver.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news