Can a Bankrupt Company Refuse to Honor Gift Cards?

Submitted by admin on Sun, 03/15/2009 - 09:24

I recently had a baby and received $500 in gift cards to right start. They announced a couple weeks ago that they were filing for chapter 11 and now refuse to honor the gift cards I received even though they are still open for business. Is that legal? Posted by mando113 on The Forum.

Editor's Response:

This situation often does not work out well for the holder of a gift card. For a full explanation, check out this article posted by the Boston Federal Reserve Bank:
http://www.bos.frb.org/commdev/c&b/2009/winter/Frederick_gift_cards_and_...

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