Gift cards have become a great gift giving idea over the past several years and the National Retailers Federation estimates that a total of $97 billion in gift cards – $26.3 billion during the holidays alone – were purchased in the US last year. However, this year, if you are planning to give a gift card, it is important to be aware of some retail stores closing or going out of business.
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
Cache will close all stores
Talbots closing down specialty store
J. Jill closing all stores (owned by Talbots)
Pacific Sunwear closing all stores (also owned by Talbots)
Wickes Furniture closing all stores
Levitz closing remaining stores
Bombay closing remaining stores
Whitehall closing all stores
Piercing Pagoda closing all stores
Linens and Things closing all stores
Movie Galley Closing all stores
Wilson Leather closing all stores
Sharper Image closing all stores
For expanded list of store closings, visit www.RealTexasAgents.com.
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