I received an email this evening that warned me about purchasing gift cards this holiday season and I thought you might appreciate the information.
The email read:
"If you tend to give gift cards around the holidays, you need to be careful that the cards will not be honored after the holidays.
Stores that are planning to close after Christmas are still selling the cards through the holidays even though the cards will be worthless January 1. There is no law preventing them from doing this. (On the contrary, it is referred to as 'Bankruptcy Planning)."
Below is a partial list of stores that you need to be cautious about.
- Circuit City (filed Chapter 11)
- Ann Taylor 117 stores nationwide closing
- Lane Bryant, Fashion Bug ,and Catherine's to close 150 stores nationwide
- Eddie Bauer to close stores 27 stores and more after January
- Cache will close all stores
- Talbots closing down specialty stores
- J. Jill closing all stores (owned by Talbots) Pacific Sunwear (also owned by Talbots)
- GAP closing 85 stores
- Footlocker closing 140 stores more to close after January
- Wickes Furniture closing down
- Levitz closing down remaining stores
- Bombay closing remaining stores
- Zales closing down 82 stores and 105 after January
- Whitehall closing all stores
- Piercing Pagoda closing all stores
- Disney closing 98 stores and will close more after January.
- Home Depot closing 15 stores
- Macys to close 9 stores after January
- Linens and Things closing all stores
- Movie Galley Closing all stores
- Pep Boys Closing 33 stores
- JC Penney closing a number of stores after January
- Ethan Allen closing down 12 stores.
- Wilson Leather closing down all stores
- Sharper Image closing down all stores
- K B Toys closing 356 stores
- Loews to close down some stores
- Dillard's to close some stores
Typically, I spend a few hundred dollars on gift cards (many at the stores listed above) but this year, I think cold, hard cash will replace those on my shopping list!
I don't know about you, but I'm thinking that although the US Dollar is worth less than the Euro, it's still better than a worthless gift card!
Happy Shopping!
LaShawn Norden, PA, REALTOR, RE/MAX Central Realty, (321) 377-0157, LaShawn@LaShawnNorden.com
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