Tue 29 Jul 2008
Beware Gift Cards During Recession & Bankruptcy!
Posted by RichSlick under Financial Safety
[3] Comments
had a nice link to an article summarizing all the retail bankruptcies so far this year and I have no doubt there will be a few more. I’m anxiously trying to find a way to let my family know that I don’t want any gift cards (of any kind) this year for birthdays or holidays.
Let’s face reality here, the instant you receive a gift card, you’ve already lost some money. In order to use a gift card, you typically have to drive to a retail outlet and at todays gas prices that will eat up at least $4 to $8 dollars of the “value” of the gift card.
That’s not the worst part because if the retail store files for bankruptcy then you’ve lost the value of the card outright. So who’s filed for bankruptcy or closed down stores? Here’s an impressive list: Linens ‘n Things, Steve & Barry’s, Sharper Image, Starbucks, CompUSA, The Disney Store, Wilson’s Leather, Talbots, Ann Taylor, Bombay Co., and Bennigans.
Update: near bankruptcy too!
3 Responses to “ Beware Gift Cards During Recession & Bankruptcy! ”
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Pingback from We’re Telling Our Family NOT To Give us Gifts This Holiday Season » Get Rich Slick
October 20th, 2008 at 8:01 am[...] that we needed to let our family know now that we didn’t want any gifts this year. We especially don’t want any more gift cards as the retail bankruptcies keep climbing and the credit [...]
July 29th, 2008 at 11:10 am
Add another one to the list. According to one of my co-workers, her boyfriend walked into work this morning to find out that the restaurant he worked in had filed for bankruptcy and the company was closing all of the corporate-owned stores.
Say good-bye to the poor excuse of an Irish pub, Bennigan’s, and their corporate partner, Steak and Ale.
I don’t know if EVERY store is closing, and I certainly don’t intend to spread rumors. I know the local store is closed, and I saw a news report out of Chicago that a number of stores there were closing, as well.
July 29th, 2008 at 12:14 pm
You’re right. The franchises aren’t affected by they are in bankruptcy. One more gift card to avoid.