Bankruptcy in the Cards

An email I have received lately talked about redemption of gift cards which ties in with my belief that the rate of bantrupcies and store closings will climb dramatically on or directly after January. Read more below.

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I wanted to give everyone a heads up that if you tend to give gift cards around the holidays, you need to be careful that the cards will 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 'Bankrupcy 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 1 in NJ ( New Brunswick)
  
• Macys to close 9 stores after January
  
• Linens and Things closing all stores
  
• Movie Galley Closing all stores
  
• Pep Boys Closing 33 stores
  
• Sprint/Nextel closing 133 stores
  
• JC Penney closing a number of stores after January
  
• Et han 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

I thought you might find the following article from snopes.com interesting: Bankruptcy in the cards