The Sharper Image Refuses to Honor Gift Cards
Anne D'Innocenzio at Yahoo! News is reporting that the Sharper Image which seems to be on its way to bankruptcy is now refusing to honor gift cards for purchases at their stores around the country. You can read Bankruptcy makes gift cards worthless here. They issued a statement at their website saying,
On Tuesday, February 19, 2008, The Sharper Image commenced a case under chapter 11 of the Bankruptcy Code in the United States Court for the District of Delaware.
The company intends to continue to conduct business as usual while it devotes renewed efforts to resolve its operational and liquidity problems and develops a reorganization plan.
However, The Sharper Image is suspending the acceptance of Gift Cards, Reward Cards, Gift Certificates, or Merchandise Certificates as a form of payment.
We appreciate your understanding that according to Bankruptcy law, store employees, managers and the Company do not have the authority to override this directive.
This shows why people need to be very careful when it comes to gift cards and how hording them might not be the best option (I have to admit to spending mine right off the bat for fear of the above or for any hidden fees for non use). Some of the worst offenders in this department have been furniture stores which have been going out of business, at least around here, at an alarming rate.
We hear about potential closings on a regular basis and in many cases don't pay much attention but seeing this, any news of bankruptcy should prompt a look though ones gift card stash and a prompt sprint to the store to use them before they turn into a worthless piece of plastic waste.