By Paul Hayes

SYDNEY, NSW: After receivers and managers, PPB, announced last week that failed retailer Clive Peeters will honour outstanding deposits and gift certificates at all of its stores, has learnt that there is a significant catch.

After reports over the weekend that Rick Hart stores in Western Australia (operated by Clive Peeters) would only honour gift vouchers if customers spent four times the specified amount, PPB has confirmed to that this is the case for Clive Peeters stores across the country.

So for example, if a customer has a gift voucher of $100 they have to spend $400 in order to redeem it.

After being forced in to receivership last week, it was announced that all Clive Peeters stores would remain open for “business as usual.”

PPB has said that the company is under no legal obligation to honour any vouchers or deposits, but is doing so as an act of goodwill.

“We understand that uncertainty surrounding this issue has caused customers a significant level of distress so we have worked urgently to resolve the matter,” said PPB’s Phil Carter is a statement last Friday.

The receivers have said that in deciding to honour the vouchers and deposits as a goodwill gesture, it also had to take into account the impact the decision may have on various Clive Peeters stakeholders, including its 1300 staff.

PPB also wished to make clear to that the majority of the outstanding Clive Peeters vouchers are for less than $100.