Fortunoff, a New York-based luxury goods store, filed for bankruptcy protection earlier this month, citing the worsening economy for its woes. Fortunoff now joins a growing list of retailers that have filed for bankruptcy in the last year.
The company has also suspended the redemption of all gift cards and store credits. According to a spokeperson for the company, gift card holders will have to get in line like any other creditor and file a claim against the company’s assets with the bankruptcy court.
However, according to this story by Bloomberg, the company is still in negotiations with would-be liquidators to honor gift cards until March 8th.
Stay tuned for more on this.
Update – 2/27/2009:
According to this story, consumers have until March 8 to redeem Fortunoff gift cards. So, if you currently have a Fortunoff gift card, NOW is the time to use it or lose it.