Cake fans have been snapping up piles of coupons, undeterred by Consumer Council warnings and the failure of other prepaid schemes.
Three major bakery chain stores launched discounted coupon promotions at the beginning of this month, offering 12 per cent to 26 per cent off for purchases of a minimum 10 coupons.
The coupons were originally priced between $43 and $96, each to be exchanged for a dozen cakes.
Counter staff at Maxim's, St Honore cake shop and Arome bakery said sales were brisk, with Maxim's selling several times more cake coupons than usual.
All the stores ignored a voluntary guideline issued by the Consumer Council in mid-October, urging them to print a reminder on coupons that consumers risked losing money should the firms close.
Maxim's, which has branches in every MTR station, promises customers its coupons are good 'forever', while Arome bakery does not state a period for redemption.
St Honore coupons are valid until June 2003.