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Circuit City may go out of business by 1/16/09

Circuit City, the electronics retailer may go out of business if a buyer is not found by January 16, 2009. The company, which filed for Chapter 11 bankruptcy protection in November 2008, had planned to reorganize and stay in business.

What was unusual was that Circuit City was still issuing new gift cards after filing for Chapter 11 bankruptcy protection, further worsening its debt obligation. If the company goes out of business, it will definitely have to continue the redemption of gift cards during any liquidation sale to allow gift card holders to redeem their cards. This is because the company made a conscious decision to sell gift cards during the holiday season despite their shaky financial position.

If you have a Circuit City gift card, use it NOW or risk losing it.

 

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1 Comment

  1. Rich

    I purchased Target gift cards as gifts for my employees. After the holiday, one of the recipients went to redeem at Target and found there was no balance on the card. I called the store and spoke to security. They asked that I bring in the receipt and card for review. Their security tape showed that the card was redeemed the same day in the same aisle, five transactions after I purchased the card. The AP (security associate) treated me as if I tried to pull a scam and at one point threatened to call security to have me removed from the store. Eventually, they reissued credit on the card, after telling me the card had been redeemed and they are under no obligation to reissue the credit. At no time did he claim that it could have been an internal theft problem. During the whole experience, I was treated as if I was a crook and the only reason they issued credit was that they could not prove the cause. They also claimed that I dropped the card and someone picked it up and used it. How is that possible if my employee (that lives over 50 miles from the store) and I had the card in our possession the whole time? I will NEVER buy a gift card nor shop at Target again…

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