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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news