Use gift cards before retailers go bankrupt. If you’re holding any gift cards from retailers at risk you should use them asap just in case. The longer businesses are closed the more likely many retailers will go bankrupt. The only “upside” to the situation is that not everyone can file for bankruptcy at once because courts are working at reduced capacity and now is a bad time for a company to try to liquidate assets.
Neiman Marcus going bankrupt Filed for bankruptcy
You may have heard in the news that Neiman Marcus is expected to file for bankruptcy at any moment. If you have any gift cards go online and order anything! You can also shop at Neiman Marcus Last Call. Both have had a huge sale going on for a while. Once stores file for bankruptcy their gift cards become worthless. Best Online Sale Right Now
Who’s going bankrupt next
We all keep hearing about all the retailers who are filing for bankruptcy or on retailer bankruptcy watch lists.
This got me thinking – what happens to all the unused gift cards? I researched it and basically most times when a retailer goes out of business your gift cards are worthless. So if you’re holding gift cards for any retailers teetering on the edge of insolvency you may want to use them sooner rather than later.
Use up your gift cards now
Ideally you’ll want to find something close to the value of the gift card so this isn’t an exercise in spending more money. You may want to look for things you need on sale or if the price looks reasonable. Consider stocking up or buying a gift. I used an ancient $25 Sears merchandise credit Christmas 2016 and got a decent blanket online that cost around $15 plus $11 (!!!) for shipping. I never pay for shipping but I just wanted to get rid of the card before they went bust. Their website is a mess but you may find something.
These retailers are handicapped by Bloomberg, Fortune, etc. to be in financial trouble:
Ann Taylor: Look at accessories, belts, sunglasses.
Capri Holdings (Michael Kors, Versace, Jimmy Choo): I don’t know anything about these brands. Look for sales.
Cole Haan: Shop the huge sale that’s been going on for weeks. Look at accessories. Best Online Sale Right Now
GNC: Most supplements are garbage from ineffective to bordering on dangerous. I might buy some protein bars.
JC Penney: I haven’t been in a Penney’s in probably over twenty years so I’m not sure what they sell. You might want to look at small housewares like a toaster or hand mixer. If you can use a JC Penney gift card to buy a third part gift card look for a rack and see if they sell anything you need.
Use gift cards before retailers go bankrupt – Look for gourmet food to buy on department store websites.
Shop the huge sale that’s been going on for weeks. Look at accessories, belts, sunglasses. Best Online Sale Right Now Filed for bankruptcy
Kmart: Ditto for Kmart like Penney’s. I’m not sure what they sell. If they sell cleaning supplies or sundries like shampoo that might work. Or batteries. Candy? Kmart like Sears below doesn’t allow the use of gift cards to buy third party gift cards.
Kohl’s: Shop the huge sale that’s been going on for weeks.
Land’s End: Look at accessories, belts, sunglasses.
Macy’s: Shop the huge sale that’s been going on for weeks. Best Online Sale Right Now
Nieman Marcus: Shop the huge sale that’s been going on for weeks. BANKRUPTCY IMMINENT. USE GC’s at Neiman or LastCall.
Nine West: accessories
Nordstrom: Shop the huge sale that’s been going on for weeks. Best Online Sale Right Now
Sears: See above. Sears doesn’t allow you to use their gift cards to buy third party gift cards. You might also look at candy.
Tapestry (Coach, Kate Spade, Stuart Weitzman): Shop the huge sale that’s been going on for weeks at Coach. Best Online Sale Right Now
This is probably really just the tip of the iceberg. If you have retail gift cards use them now before it’s too late!