Use it or Lose it Now…Linens N Things are shutting their doors
By Consumers Union on Wednesday, October 8th, 2008
If you haven’t yet, now is the time to use your Linens’ N Things gift card. The retailer has announced that it seeks to close their store doors before the holiday season.
The national homefurnishings retailer requested the bankruptcy court to close its remaining 371 stores and to begin going-out-of-business sales on October 16th.
Money Mom called a few Linens’ N Things locations throughout the U.S. today and the store clerks said gift cards are still being accepted. If you don’t use the balance on your gift cards now, you will likely be left with only one option: filing as an unsecured creditor in the bankruptcy proceedings as customers holding gift cards from other bankrupt retailers have had to do–which can be cumbersome and doesn’t guarantee you’ll ever obtain a dime off your gift card.
Consumers Union has filed a petition to the FTC to make sure consumers would be able to redeem their gift card values even when a retailer files for bankruptcy. As we enter into the holiday shopping season, this news may make you think twice about buying a gift card from a favorite store or restaurant.