FOR IMMEDIATE RELEASE:
March 28, 2003

FOR FURTHER INFORMATION CONTACT:
Genene Morris (973)504-6327

NEWARK—Acting Attorney General Peter C. Harvey and New Jersey Division of Consumer Affairs Director Reni Erdos are urging consumers who have valid Wiz gift certificates and store credits to begin redeeming them immediately.

The consumer-electronics retailer filed for Chapter 11 bankruptcy protection this month and announced plans to hold going–out–of–business sales. New Jersey joined New York and Connecticut to intervene in the bankruptcy case to ensure that consumers holding Wiz gift certificates were afforded an adequate amount of time to use them. The Wiz has nine stores in New Jersey (Union, Paramus, Raritan, Brick, Succasunna, Holmdel, Jersey City, Edison, and Elizabeth). It is estimated that the company has $4.5 million worth of outstanding gift certificates.

Under terms of a court order issued yesterday in the bankruptcy of TW, Inc., formerly known as Cablevision Electronics Investments, Inc., the Wiz will accept, through the end of business on April 7, returns of merchandise purchased before March 8, as well as store credits issued before March 8. Also, as part of the order, consumers can use their Wiz gift certificates until the end of the Wiz's going-out-of-business sales. The sales could end by April 30. Prior to the attorneys' general intervention, these consumer protection programs were due to expire today.

"New Jersey, New York and Connecticut raised their concerns about the limited time consumers had been given to redeem their Wiz gift certificates and store credits or to make returns," Acting Attorney General Harvey said. "Clearly, our concerns were heard. We are satisfied with the outcome of this matter and that consumers have been given the chance to get what is rightfully theirs."

"Consumers have to act fast," Director Erdos said. "With the passing of each day, store supplies will dwindle, leaving consumers with less merchandise from which to choose. It would behoove consumers who still have gift certificates, store credits and returnable merchandise to take advantage of the benefits secured through the court order and not delay too much longer."

Deputy Attorney General Tracy Richardson of the Division of Law handled this matter for the State.