Selling goods online that are not in stock

I purchased an item online - after waiting 6 days and seeing no change in the order status, I contacted Makro. After 10 minutes on hold I finally spoke to someone who couldn't give me any answers, but promised to phone me back. She did phone me back and informed me that the item I had bought (and paid for) was out of stock. Apparently there were no more items at any store in the country and nobody could say when there would be stock again.

So Makro sold me a product they didn't have, and took my money for it. They didn't bother to contact me to let me know that there was a problem, nor did they have an alternative plan (or any clue as to how long I would have to wait). As the item is available elsewhere, without any waiting period, I cancelled my order. They informed me that I would have to wait up to 7 working days to get my refund. It only took them 30 seconds to take my money (R6200) but I have to wait nearly 2 weeks to get it back!