Raru being liquidated - report

[jollyjammer42]

Everyone wants to shame Raru, but let me tell you this entire mess was caused by anticompetitive practices by Takealot.

They have been dumping products onto the market at cost or below for a long time now. They run at a financial loss and have investors big pockets to sustain that, until their competitors were driven out. And we havent helped at all, with the rampant voucher abuse we are all guilty of.

Its no wonder the competition commission is investigating them.

A strawman argument.

Raru's founders created Take2 and the knowledge to make it work. Not to mention, they had an exceptional amount of good faith from consumers.

It was their hubris and short-sighted vision of the directors that caused them to close, not Takealot or the competition commission.

If you would like to simp for Raru, please go elsewhere. There is no sympathy here.

 

[Dark Agent]

Everyone wants to shame Raru, but let me tell you this entire mess was caused by anticompetitive practices by Takealot.

They have been dumping products onto the market at cost or below for a long time now. They run at a financial loss and have investors big pockets to sustain that, until their competitors were driven out. And we havent helped at all, with the rampant voucher abuse we are all guilty of.

Its no wonder the competition commission is investigating them.

They stole customer funds and stole money from creditors. They committed fraud by not disclosing information to creditors. It's like I go to the bank and tell them I need a loan for a new car, I tell them my finance is positive knowing am bleeding money and they provide funds on the assumption I am in for positive growth. As for the majority of the creditors, they have a good understanding/relationship and they settle with the others.

As for customers, They listed items that were not in stock as in stock, and they took funds from customers to provide. It's like saying Product x is Rx and lead is 5-7 days delivery knowing intentionally that they not going to provide customers with a Product x but keep funds as a cash flow/pay salaries. That's plan stealing.

If they refund customers I will take back my statement.

 

[Virex]

Lets take the example of my friend. Hes employer didnt pay his salary on time, therefore he defaulted on his bond debit order.

Everything has a ripple effect. It was never his intention to default, and he has a good heart. It was by force. Doesnt make him a bad person.

But you would rather have him hanged.

Waine? Is that you?

 

[Corelli]

Sad to see any good business go down and fall apart. Also very stressful for the owners.

I was also sad to see Dion Wired go, I really loved the store far more than Incredible or Game. I really think the IT side of GAME SUCKS BIG TIME. Terrible service, no one knows how anything works, terrible deals.

Hate to tell you...

But if a bank folds, you loose most of your deposits in it. Basically you become a creditor to the bank if you put money in a savings account. But they will first come for you for all your debt that you owe them. So you may also end up loosing your house etc.

Startups are very difficult to keep going without any additional finance.

Takealot made a quarter of a billion loss. They are the size they are because Naspers has been throwing billions at them.

 

[Corelli]

Ive known the Smith brothers for over 20 years. They used to sell DVDs etc from the boot of their cars. They were the ones that could literally get you anything.

I would still happily buy from them, and have bought quite a lot from RARU without hassles.

Next year Amazon is here, and takealot will end up with the same issue. Takealot monopolized the market, and then they bought out Mr Delivery. Most of takealot's money comes from that side since covid.

Ever went to a fast food place like KFC and have to wait as about 8 MR Delivery/Takealot drivers are demanding their client's food goes out first. It sucks.

 

[VirtualForce]

I used to order a lot from RARU, but the last year or two they had so many out of stock stuff.
Never had an issue, hell, once I ordered a GTX 1060 from them and someone had literally driven over one side of the box, I reported it, they asked for photos, send the card back and they replaced it.

But yeah, doesnt change the fact some people have now lost money.

Pity to see them go.

 

[As1974a]

Used to order form them, mostly games. Stopped to wait and see if things changed, when the first reports started surfacing on their delayed deliveries and refunds.

 

[LazyLion]

Have sent in my dispute form to Discovery Bank, now let's see if they are able to get my money back.

 

[wizardofid]

.......umhm.............addressing the elephant in the room. Not the first time a large online shop went bust and made off with customers money

Sybaritic and TechStop — this is what’s happening

After Sybaritic went into liquidation, TechStop started contacting its old customers

mybroadband.co.za

 

[sgs]

TheShoppingMatrix v2...

TheShoppingMatrix faces liquidation

TheShoppingMatrix.com, once an award-winning local e-tailer, is on the verge of liquidation.

www.itweb.co.za

 

[epah]

Have sent in my dispute form to Discovery Bank, now let's see if they are able to get my money back.

If they dont get it from Raru I am sure they will get it from insurance. dont stress. I would be more worried had you used a capitec card.

 

[saor]

Everyone wants to shame Raru, but let me tell you this entire mess

No - not the entire mess. If you want to blame Takealot for starting the landslide, fine, but in the end it was Raru and their directors who continued to take orders they couldn't fulfill and screwed over a load of people.

 

[zeridine]

TheShoppingMatrix v2...

TheShoppingMatrix faces liquidation

TheShoppingMatrix.com, once an award-winning local e-tailer, is on the verge of liquidation.

www.itweb.co.za

It seems a leopard doesn't change it's spots. I was burned by theshoppingmatrix. Everyone is so surprised by raru now. Ssdd.

 

[DarKWateR]

I would be more worried had you used a capitec card.

How so? I filed a dispute with them and they responded asking if I'm happy with an R80 chargeback fee. I responded yes and was provided with an incident nr. I haven't heard anything since.

 

[epah]

How so? I filed a dispute with them and they responded asking if I'm happy with an R80 chargeback fee. I responded yes and was provided with an incident nr. I haven't heard anything since.

Who do you bank with and did you use a Credit card or Debit?

 

[DarKWateR]

Who do you bank with and did you use a Credit card or Debit?

Capitec debit

 

[epah]

Capitec debit

So you got two problems, Firstly Capitec is not an actual bank, they are just a financial service provider so they dont follow banking rules, Your second problem is that you bought with a debit card, debit cards dont have buyers protection/insurance because it is your money you are gambling with, Credit cards on the other hand have insurance by default and doing a charge back on them is much easier because it is the banks money and not yours so they protect it at all costs.

I suggest you move to FNB and get a credit card, Use the credit card for all your purchases especially online purchases. they will always assist when you have issues.

 

[DarKWateR]

So you got two problems, Firstly Capitec is not an actual bank, they are just a financial service provider so they dont follow banking rules, Your second problem is that you bought with a debit card, debit cards dont have buyers protection/insurance because it is your money you are gambling with, Credit cards on the other hand have insurance by default and doing a charge back on them is much easier because it is the banks money and not yours so they protect it at all costs.

I suggest you move to FNB and get a credit card, Use the credit card for all your purchases especially online purchases. they will always assist when you have issues.

Interesting, the below is one of the responses from the other Raru thread. I'll see what happens with my chargeback request and will update here once I hear back.

Thanks to this thread, I was successfully able to request a chargeback and be refunded. Here is the process I went through in case it is of use for anyone else.

I bank with Capitec and I made a Raru purchase, using my Capitec debit card, on the 15th of October 2022. I called the Capitec help line (0860 10 20 43) on the 23rd of November and explained the situation. They put me in touch with an agent dealing with card disputes and she requested an email from Raru confirming my purchase. She also explained that there is an R80 service fee if the dispute is unsuccessful. There were no forms to fill in. Today (25th November) the money is back in my account. All-in-all a very efficient and painless process.

 

[epah]

Interesting, the below is one of the responses from the other Raru thread. I'll see what happens with my chargeback request and will update here once I hear back.

Yes keep following up. A charge back on a credit card shouldn't have any fees on it. Avoid using your debit card.