HSBC figuring out what to do with wedding registry firm Wrapit.
A few weeks ago we talked about a UK wedding registry firm called Wrapit going into administration (like bankruptcy). They needed a white knight to gallop in and bail the barely solvent company out. Yeah, that didn't happen. These poor blokes are being forced to shut down operations.
The Guardian is reporting that the some-odd 2,000 couples that got rogered on this deal are planning a protest of Wrapit's bank, the venerable HSBC. This debacle is still in the finger-pointing phase as Wrapit's managing director, Peter Gelardi, is holding HSBC's feet to the fire for not credit and debit card income to the struggling wedding registry firm. Gelardi goes on to say that actually purchasing the gifts will be cheaper for HSBC than refunding customers.
He reckons that it will cost £3 million to provide the gifts and £4 million to refund the loot, electronic economy notwithstanding. The protest will be led by Michael O'Sullivan. He was married 10 months ago and estimates that he (and his wife, presumably) has only gotten 10% of his wedding gifts.
HSBC, for their part, are working on a plan to wrap up this ugly episode. Of course their stance is that Wrapit simply should have done a better job of doing business if they didn't want to run out of money. Here here. It sucks that this is yet another item for brides to kirk out about. Evidently, a solvency analysis is a key step in researching all wedding vendors.