Saturday, May 03, 2008

Add Linens N Things To The Closing List

Linens N Things has filed for bankruptcy and is closing 120 stores.

Gift Cards will be worthless-

"Brian Riley, senior analyst at research firm The TowerGroup, estimates the filing will freeze about $42 million in consumer gift cards, affecting about 400,000 customers. While consumers may think of the gift cards as cash, the bankruptcy court considers gift cards as debt, and therefore holders are not necessarily going to get paid."

I see the point, but that doesn't seem fair at all.
You know, I've never been in one of their stores - not even the one in Utica that's on the closing list.
I'm sure Bed Bath & Beyond will get all their customers.
I've never been in one of those stores either. lol.


this is my patch said...

... and also think these places are earning interest on these cards which are purchased and then not cashed in for months, and sometimes never at all! Thanks for your comment on, and visit to my garden blog. I shall pop over again soon to join in another rant! x

Tina said...

Hi there, This is my Patch,
thanks for dropping in and commenting!
Yeah, I didn't even think about the interest. I thought most stores had given that up, but I imagine if they see a way to keep making more money, why stop?
lol, I'm usually not such a pessimist/ranter, but the state of the state has really gotten me down lately. And really, I have no one IRL to complain to, frustration with everything eventually hits my blog. Hopefully I'll have cheerier things to mention soon.
I need to spend more time in my garden.