Monday, May 28, 2012
The Price is Not Right
On July 27, 2006, Grafton-Frasor Inc. was charged with false and miss leading pricing. This company owns clothing stores such as Mr. Big & Tall, Tip Top Tailors, and The Suit Exchange. They have been caught raising their initial prices really high before they go on sale to make it seem as though the item at the new price is a great deal. On the price tags of these items, stated the regular price and the sale price but in fact the item was never sold for the regular price. The payment that was put on them was $1.2 million, $1 million for the administrative penalty and $200,000 for the Bureau's Inquiry.
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