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Kathleen Pender: Use it or lose it: Gift cards could become worthless if the issuer goes bankrupt [San Francisco Chronicle]
Jan. 2 If you received a gift card for Christmas, first thank the giver, then use it. Fast.
Many companies that issue gift cards such as retailers, restaurants, movie theaters, gyms and spas have been hard hit by pandemic shutdowns and are closing in large numbers. The number of retailers filing for bankruptcy in 2020 was the highest since 2009, according to S&P Global Market Intelligence.
When companies go bankrupt, their gift cards can become worthless. With smaller companies, it can happen overnight. With larger companies, consumers often have a period of time to use their gift cards, but not always.
Use it or lose it: Gift cards could become worthless if the issuer goes bankrupt
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Guitar Center, which has a store in Emeryville, went bankrupt in 2020 and continues to sell and accept gift cards as it works to reorganize and emerge from its financial woes.Carlos Avila Gonzalez / The ChronicleShow MoreShow Less
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Guitar Center, which has a store in Emeryville, filed for Chapter 11 bankruptcy in November but exited on Dec. 22 after restructuring its debt. It continued to honor gift cards during its brief stay in bankruptcy.Carlos Avila Gonzalez / The ChronicleShow MoreShow Less
If you received a gift card for Christmas, first thank the giver, then use it. Fast.