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August 28, 2008 2:31:07 AM CDT

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Gift Cards Not Looking So Sharp

Posted Mar 4, 08 11:00 AM CST in Business 

(Newser) – Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem other cards they may be hoarding.

Consumers spent $26.3 billion on gift cards last holiday season, reports the AP. They could lose as much as $75 million from retailers and restaurants closing in 2008, analysts say. Although some states regulate gift cards—primarily regarding fees and expirations—the rules regarding what happens in a bankruptcy are murky at best.

Sources MarketWatch, Associated Press

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    New Owners to Close All Sharper Image Stores Specialty gadget retailer Sharper Image, purchased Thursday in a bankruptcy auction for $49 million by investment firms Hilco Organization and Gordon Brothers, will close its remaining 86 stores, reports CNet. The new owners say they’ve developed a wide-ranging licensing strategy for the brand and will continue developing the company after unloading some $50 million in inventory. Sharper Image filed for bankruptcy in February. More »

An exterior view of the Sharper Image at Stanford Shopping Center is shown in Palo Alto, Calif. in this June 6, 2006 file photo. A weak holiday season and a struggling economy led retailers Sharper Image...   (Associated Press)
Jon Tapper holds a pair of unredeemable gift cards from bankrupt retailer The Sharper Image at his office in Boston, Monday, March 3, 2008. As more retailers file for bankruptcy or go out of business,...   (Associated Press)
A pair of unredeemable gift cards from bankrupt retailer The Sharper Image that belong to Jon Tapper are seen at his office in Boston, Monday, March 3, 2008. As more retailers file for bankruptcy or go...   (Associated Press)
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US economy  • bankruptcy  • retailing  • Chapter 11  • Sharper Image  • gift cards


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