(Untitled)

[audiblecell]

Im having a hard time with this information...seems like a huge number. I got this list in an email warning against buying gift cards from these places because they wont be honored. Is it true that these stores are closing after Christmas

Comments

[punkythecat]

They are saying that our whole mall will be closing after Christmas. With this list it seems it may happen since most of these stores are the ones in our mall.

[sirwilliam]

Where did you get that information?

[sirwilliam]

Ah - scratch that, RTFP. I don't trust forwarded e-mail. But things are dicey out there.

[schwarze_krahe]

who was the email from?

[darkmane]

So, here is the deal:

Gift cards are a scam in normal situations, they are really only worth face value the first month or so that they are purchased and there can be extra fees associated with using them.

Like the rest of the economy, retailers are having problems. If they have a normal or good Christmas retail season, everything should be ok but there will be some that will file for bankruptcy. If there is a bad Christmas retail season there will probably be a large number of bankrupticies.

If a retail chain ends up under bankruptcy protection, there is no obligation to honor the gift cards. Many or most probably will so that they can keep customer good will after they come out of bankruptcy but if they are in particularly dire straits and unlikely to actually come out of protection, don't expect the cards to be honored. Of that list, I wouldn't get a Dillards, Penneys or Circuit City gift card, but then I wouldn't get one from them anyway.

[darkmane]

Here is an article from the LA Times, it is slightly alarmist but the general information is correct.

http://www.latimes.com/business/la-fi-giftcards10-2008nov10,0,2342051.story

[pandorasbox]

Actually Most reputable Stores that sell Gift cards do not devalue after the first month. The Visa type gift cards only start to devalue after a Year. I love gift cards

[parlor_games]

Washington State law is very consumer-friendly when it comes to gift cards (considered gift certificates), at least for businesses that are still *in* business. Dormancy fees are not applied to gift cards purchased here unless you have had them for a long time...maybe 2 years? and I believe consumers can cash out balances less than $5.

Exceptions include store gift cards that are issued as part of a promotion (i.e. not purchased) and cards sold by or benefitting charities or issued by banks.

[silestra]

Snopes has detailed information on this list

At any rate, unless a business is closing all of its stores, the giftcards will be honored at the other locations, so should still be safe.

[crystalstarr]

yeah I was about to say some was true I got that email yesterday. I went and checked snopes.