Remember all those gift cards you received the past holiday season? Its time to call up and check their value because they may be worth absolutely nothing. As a retailer declares bankruptcy, the gift card becomes worthless. Case in point, the Sharper Image. Last month the Sharper Image announced it was no longer accepting gift cards while it reorganizes under Chapter 11 bankruptcy. Brian Riley, senior analyst at The Tower Group, estimates that shoppers could lose more than $75 million just from stores and restaurant closings in 2008. Consumer experts warn that shoppers should never assume that their gift cards will be redeemable by a bankrupt retailer even though they remain open for business. Sharper Image, for example, plans to close 90 of its 184 stores soon after selling their inventory. So if you have any gift cards lying around your house somewhere, you may want to use them quickly before they lose value.
1 comment:
Al,
I did hear about the Sharper Image. Trippy! Jon and I are busy, busy trying to spend those cards!!!
-K
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