WOW sale disappoints
SHOPPERS hoping to pick up a bargain during WOW Sight & Sound's clearance sale have been left disappointed.
Since the sale commenced on Thursday, consumers have found that the remaining stock being sold isn't that heavily discounted.
Chat rooms and blogs have been ablaze with customer complaints expressing surprise that they're being charged almost full price for goods that they have purchased.
After WOW was placed in receivership on February 27, receivers Ferrier Hodgson hastily organised a promoted a sale to clear stock and raise whatever revenue they could muster.
Most of the reports emanating out of WOW's homebase in Queensland today have been very critical.
It's not just consumers that are upset with the company's receivers. Suppliers also feel aggrieved by the actions of Ferrier Hodgson.
The receivers are allegedly refusing to let suppliers owed money after the collapse of the Queensland-based retailer reclaim their stock, preferring to sell it off in order to raise funds for the National Australia Bank, which is owed approximately $25 million.
At a conference call of supplier creditors, it's believed suppliers were told that unless they had lodged their credit risks on the Personal Property Securities (PPS) Register, they had no legal right to reclaim the stock.