Circuit City Files Chapter 11 Bankruptcy - Gift Card Impact?
Earlier today, Circuit City announced it was filing for reorganization under Chapter 11 of the US Bankruptcy Code. An obvious question is what effect this will have on holders of Circuit City gift cards?
In its press release, the company said "In conjunction with the filing, Circuit City is seeking customary authority from the Bankruptcy Court that will enable it to continue operating its business and serving its customers in the ordinary course. The requested approvals include requests for the authority to make wage and salary payments and continue various benefits for employees as well as honor customer programs such as returns, exchanges and gift cards."
I work for a company that manages and tracks gift cards. It's unfortunate that retailers for filing for bankruptcy, and destroying the trust factor in gift cards. At LeverageCard.com, when gift cards are purchased from us, we guarantee your gift cards when retailers file for bankruptcy: http://tinyurl.com/5nfk5f
Posted by: Austin Chu | November 18, 2008 at 11:24 AM
i bought a computer there about a year ago and im still making payments on it, whats gonna happen know after they close the stores, where am i supposed to make the payments then?
Posted by: jerren | January 18, 2009 at 02:36 PM