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  1. #1
    ABW Ambassador JoyUnltd's Avatar
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    Bankruptcy and Gift Cards
    Read on this blog: http://miranti.typepad.com/
    Stores that are planning to close after Christmas are still selling the cards through the holidays even though the cards will be worthless on January 1. There is no law preventing them from doing this. On the contrary, it is referred to as "Bankrupcy Planning".
    It lists a bunch of stores--don't know how accurate the list is or if this info is really accurate. Does anyone know more about this?
    Renée
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  2. #2
    AM Navigator Geno Prussakov's Avatar
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    ...there is no standardized procedure for handling gift cards after a Chapter 11 bankruptcy filing. The store does not necessarily shut down. Nor does it automatically stop taking — or for that matter, selling — gift cards. But it can.
    More in today's New York Times article The Gift Card Comes Wrapped in Growing Risk

    and

    "You have to be very cautious about where you're buying cards from and do to the best of your ability determine what the financial position of that particular business is," says Dreama Jensen, Better Business Bureau.

    If a company files for bankruptcy or closes, a gift card holder has little power to redeem their card.
    More in the Fox 28 Get the Most From Your Gift Card article.


  3. #3
    What's the word? Rhia7's Avatar
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    As they said in Rome, "Caveat emptor" -- I'll accept cash or checks
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  4. #4
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    There are also several states (like Kansas and Missouri) where the Atty General's Office will go into full "we're gonna take everything you own unless you make the cards good" mode when things like this happen too.

    Doesn't help much when you're planning ahead, but nice to know if you get a gift card that goes south.

  5. #5
    ABW Ambassador JoyUnltd's Avatar
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    Macy's, Toys r Us and K-Mart came successfully through Chapter 11...have to assume that the bigger chains need breathing space on their debt. And who doesn't?
    Renée
    Pay no attention to that woman behind the curtain. -Wizardress of Oz

  6. #6
    Affiliate Manager GlobalGolf-Amanda's Avatar
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    There is some good, accurate info on which stores are closing on Snopes: http://www.snopes.com/politics/busin...reclosings.asp
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  7. #7
    Believe knight01's Avatar
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    I'm seeing a great opportunity here. The question is, can it be implemented quickly enough to take advantage of the situation.
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  8. #8
    ABW Ambassador Greg Rice's Avatar
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    Quote Originally Posted by knight01
    I'm seeing a great opportunity here. The question is, can it be implemented quickly enough to take advantage of the situation.
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  9. #9
    Affiliate Manager GlobalGolf-Amanda's Avatar
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    Eddie Bauer sent the following email today:

    To our valued customers:

    It has come to our attention that misleading information is circulating via email as part of a hoax intended to discourage consumers from buying gift cards from a number of retailers including Eddie Bauer. We want to set the record straight.

    Eddie Bauer has been in business since 1920 and operates 376 retail stores throughout North America. We also have a robust online and catalog division. In our March 2008 annual report, we announced both the opening of new locations as well as the closing of some older locations as part of our normal course of business. The stores referenced were all closed in January 2008. In 2009, we will again open and close a handful of stores as part of our normal business plan.

    Eddie Bauer remains committed to providing our customers with outstanding quality, value and service, now and for many years to come. Our gift cards are a great option for the holidays. You can purchase and redeem them at any of our retail stores, through our catalogs or at eddiebauer.com. We look forward to serving you this holiday season.

    Neil Fiske
    President & CEO
    Eddie Bauer
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  10. #10
    Affiliate Manager FDC's Avatar
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    Ya, i believe Circuit City is definitely on that list. I heard a special about it on NPR. Doesn't seem very fair.

  11. #11
    Affiliate Manager GlobalGolf-Amanda's Avatar
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    Here is that NPR story:
    http://marketplace.publicradio.org/d...cards/?refid=0

    Circuit City is saying the bankruptcy court approved their honoring of gift cards and returns/exchanges, but... well, caveat emptor/let the buyer beware. Remember what happened with Sharper Image?
    http://blogs.wsj.com/wallet/2008/11/...ty-gift-cards/
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  12. #12
    ABW Ambassador JoyUnltd's Avatar
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    Quote Originally Posted by GlobalGolf-Amanda
    There is some good, accurate info on which stores are closing on Snopes: http://www.snopes.com/politics/busin...reclosings.asp
    Thanks for the heads up...what's this world coming to when we have to do SEC checks before we buy gift certificates?!
    Renée
    Pay no attention to that woman behind the curtain. -Wizardress of Oz

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