There are a number of stores that have filed for bankruptcy this year because of the poor economy, and if you have a gift card - Good luck! - Be VERY careful which gift cards you buy over the holidays. I have a SOLUTION: Only Buy Dunkin Donuts Gift Cards! - Rob
Here's the news on some others:
Circuit City said it will continue to honor outstanding gift cards, and will continue to sell them. But Circuit City also announced that it's closing 155 stores, which means some card holders will have a harder time finding a place to redeem them. And if the company's efforts to reorganize fail, the cards could become worthless.
Linens 'n Things filed for Chapter 11 bankruptcy in May. Consumers who still have gift cards for the retailer will have a hard time redeeming them: After failing to find a buyer, Linens 'n Things announced that it's liquidating its merchandise and closing its stores.
Bombay Co., which filed for bankruptcy protection last year, didn't fare much better. In August, the retailer won approval from the bankruptcy court to pay off gift card holders 25 cents on the dollar.
Tweeter, a consumer electronics chain that filed for Chapter 11 bankruptcy in early November, originally planned to stop accepting gift cards on Nov. 15. After several state attorney generals intervened, the company agreed to accept gift cards through Dec. 31, or until its stores close.
S ome consumers have already been burned. When Sharper Image filed for bankruptcy earlier this year, gift card holders were informed they could no longer use their cards. The company later asked the court to allow it to accept gift cards if holders spent twice the value of the gift card on a single purchase. Consumers Union estimates that unused Sharper Image gift cards totaled $20 million.
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