Word on the street (okay, the internet) is that Linens-N-Things is going to declare bankruptcy Tuesday. And I have one of their gift cards.
I got it when I got my Dyson (the best vacuum cleaner ever!) in a frugal coup; in addition to it being on sale and using a 20% off coupon, I also got a $50 gift card as part of a promotion). I’ve been holding onto the gift card in hopes of using it in my new home, whenever I get one. Which I thought would have been by now, but that’s another story.
I’ve written about gift cards and bankruptcy before, in my post What to Know About Buying and Redeeming (Unless They Are from Sharper Image) Gift Cards. I don’t want to end up with a useless card. Unfortunately, holding a gift card/certificate makes me an unsecured creditor in the eyes of a bankruptcy court, and as such I’m pretty low on the pecking order when it comes to divvying up the money. Below ground level low. So if I don’t use it before they declare bankruptcy I will own a very nice $50 piece of plastic.
So guess what I’m doing tomorrow?
I think I’ll buy some new glasses. I’ve tossed most of my plastic ones, and as of this morning I have one casual glass left (seriously, I think they commit suicide in the dishwasher).
I wonder what else I’ll buy. Any suggestions?
April 15, 2008 at 4:15 pm
It’s a good reminder to all of us to spend our gift cards as soon as possible. I have so many things to worry about, like the cards expiring and now I have to worry about gift card bankruptcy. Buying a card is like giving a loan without any protection. However, just because they are going out of business, doesn’t mean the card will be void. It’s simply too early to tell. By all means, spend the cards now to avoid the bad news. There’s more information on gift card bankruptcy on savvywallet.com