More Time to Claim Credit For Magazine Returns
Retailers Get More Time To Claim Credit For Magazine Returns
26th September 2005
Cross industry agreement has been reached to further extend the cut off time for returning unsold magazines for credit.
With immediate effect, retailers are to be provided with a minimum of 17 days to claim credit for magazine returns.
This significant move for retailers was approved at the JIG Stakeholder Group meeting on 15th September and the JIG board meeting on 20th September.
This move represents the third extension to cut off dates in just over two years. The period in which retailers can make returns claims from their wholesaler was first increased from seven days to 14 days in July 2003. This was extended to 16 days at the end of last year.
Paul Chambers, chairman of the JIG Centralised Information Group responsible for investigating ways of achieving this latest extension, said: “When the cut off date was extended to 16 days at the end of last year publishers and wholesalers committed to exploring the possibility of extending this further. We are pleased that this has been achieved and that through systems development and data exchange frequency changes that retailers now have a minimum of 17 days to claim credit. As well as being of significant benefit to retailers, it is an excellent example of industry collaboration.”
Peter Wagg, the NFRN’s representative on both the JIG board and JIG Stakeholder Group, added: “This is a big win for retailers as returning magazines too late for credit has had a significant effect on a newsagent’s profits. The NFRN identified that some publishers allowed as little as four days to return unsolds for credit and we campaigned relentlessly for a more reasonable time window. I am delighted that we have now succeeded in extending the minimum time allowed to return magazines for credit to 17 days.”
The agreement covers all retailers in mainland UK and Northern Ireland but excludes the Channel Islands and Isle of Man.
