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How to lose your money _ Buy gift cards

  1. Nov 22, 2008 #1

    jal

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    FYI…. before you do any holiday shopping, or get stuck with any unused or not honorable gift cards, take a look at the list below. Keep these stores in mind, you wouldn't want to purchase a gift card for someone that won't be able to use it!!

    Pass it on….
    It seems there are lots of stores that are closing due to the "recession" and the fact that people are not shopping. If you have any "gift cards" from these stores, make sure you use them, or you will lose them !

    Watch those store money cards and gift cards.. and credit slips! Stores that informed the Security Exchange of closing plans between October 2008 and January 2009. PLEASE PASS THIS ON TO ALL YOUR FAMILY AND FRIENDS.


    Circuit City stores... most recent (? how many) CIRCUIT CITY OWNS FUTURE SHOP AND BEST BUY

    Ann Taylor- 117 stores nationwide are to be shuttered

    Lane Bryant,, Fashion Bug ,and Catherine's to close 150 store nationwide

    Eddie Bauer to close stores 27 stores and more after January

    Cache will close all stores

    Talbots closing down all stores

    J. Jill closing all stores

    GAP closing 85 stores

    Footlocker closing 140 stores more to close after January

    Wickes Furniture closing down

    Levitz closing down remaining stores

    Bombay closing remaining stores

    Zales closing down 82 stores and 105 after January.

    Whitehall closing all stores

    Piercing Pagoda closing all stores

    Disney closing 98 stores and will close more after January.

    Home Depot closing 15 stores 1 in NJ (New Brunswick)

    Macys to close 9 stores after January

    Linens and Things closing all stores

    Movie Galley closing all stores

    Pacific Sunware closing stores

    Pep Boys Closing 33 stores

    Sprint/ Nextel closing 133 stores

    JC Penney closing a number of stores after January

    Ethan Allen closing down 12 stores.

    Wilson Leather closing down all stores

    Sharper Image closing down all stores

    K B Toys closing 356 stores

    Lowes to close down some stores

    Dillard's to close some stores.
    ----------
     
  2. jcsd
  3. Nov 22, 2008 #2
    Wow, that's a long list. The majority of them sell junk though. I hardly shop at any of them as it is.
     
  4. Nov 22, 2008 #3
    Best Buy won't close down. The reason CC is closing down stores is because BB gets more customers.
     
  5. Nov 22, 2008 #4

    russ_watters

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    Staff: Mentor

  6. Nov 22, 2008 #5
    yeah, some of these are silly. 15 stores for Home Depot is 1% of the stores.
     
  7. Nov 22, 2008 #6
    Nonperforming receivables will simply be sold to debt acquisition companies. So if anyone had shorted them, they can still expect some phone calls in the near future.

    On the other hand, debtors can almost always negotiate down the debt quite a bit in that case. I know one company that tolerates a 40% loss on their assets.
     
    Last edited: Nov 22, 2008
  8. Nov 22, 2008 #7

    turbo

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    Gold Member

    Be aware that some gift cards expire if not used within a time-frame that may or may not be clearly stated. Instead of protecting consumers, some states are trying to horn in on the unredeemed balances, so beware.

    It is best not to buy gift cards in the first place unless something (like the convenience of being able to mail a card to someone far away) really compels you.

    How smart is it to go to a store, and agree to tie up some of your money so that it can ONLY be spent at that store? Send your nephew a personal check, instead. He can use the money wherever he wants, and in whatever denominations. If you send him a card, he will HAVE to spend it at the store of your choosing, and will have to buy more merchandise than the card is valued at to avoid leaving a balance on it. This is win-win for the store no matter how it shakes out.
     
  9. Nov 22, 2008 #8
    My brother sent me a Best Buy card. Since there's none near where I live for more than a hundred miles, I tried to use it on their website, as the card indicated I could do. When I tried to enter in the card number, wouldn't you know? The card had four digits more than the web page allowed to be entered. I tried it without the first four and the last four, but no good. And the email reply was useless.

    Gift cards make no sense to me.
     
  10. Nov 22, 2008 #9
    Hi Everyone

    Jal posted a comment from a viral email ... this is not true.
     
    Last edited by a moderator: Nov 22, 2008
  11. Nov 22, 2008 #10

    turbo

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    OK, PF'ers. Don't bother buying gift cards there for the reasons I gave in a previous post. It's pretty stupid to take your hard-earned cash, lock it in so that it can only be spent in said store, and then give that "gift" to somebody who has to use it to buy products of more cost than the card you have given them, lest they leave a balance on the card. Gift cards are a rip-off.
     
    Last edited by a moderator: Nov 22, 2008
  12. Nov 22, 2008 #11

    Evo

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    The Evo Child loves gift cards, she lives on them. I also enjoy getting them. They never go long without getting used.
     
  13. Nov 22, 2008 #12

    turbo

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    Would you rather that I sent you a $50 gift card that can only be used at "Spatulas R Us" or a personal check for $50?

    Edit: not everybody uses cash (or equivalent) gifts for themselves. My wife and I live pretty simply, and we don't need a lot of "stuff" cluttering up our lives. My father loves to give me (and all his kids) checks, well before Christmas. My wife and I bank ours, and concentrate on keeping him happy. Today, my wife roasted two pork loin roasts (I made the brine yesterday), and after she was relieved by her sister (tending to her mother) she drove up to my father's place to drop off a roast and gravy. He's pretty generous with his Christmas checks, considering that he's living on SS, and we pay him back in spades with home-cooked foods, home-canned goods, pickles, etc. I had to argue with him for weeks to convince him to cash in a CD and buy a decent AWD vehicle - he wanted to leave that money to us kids. When people are approaching their mid-80's, they can get pretty headstrong and independent.

    Ever since we negotiated the purchase of that vehicle (2009 Forester) friends and neighbors of my father have been telling me how pleased he is. Sure beats the crap out of that old Buick Park Avenue Ultra - I don't care how many "features" a car has - the most important feature is that it always gets you home and doesn't strand you in weather that can kill you if you try to hike out of it.
     
    Last edited: Nov 22, 2008
  14. Nov 22, 2008 #13

    Evo

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    Either would be fine!

    As long as you give someone a gift card at a store they shop at, there isn't a problem. You just need to use common sense. I'd prefer a prepaid credit card that I could use for anything, but I don't mind getting gift cards from people. Of course I prefer cash. :!!)

    My ex husband gives the girls gift cards so that they don't buy needless things like food or gas, or use the money to pay for rent. It also helps satisfy his shopping compulsion by letting him purchase 'something' from a store.
     
  15. Nov 22, 2008 #14

    turbo

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    Bump! I spent time on an extensive edit that should have been a separate post.
     
  16. Nov 23, 2008 #15

    Vanadium 50

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    Jal, why on earth did you post this email chain letter here? It has all the veracity of your typical email chain letter: close to zero. Talbots is not closing all stores. Zales (who owns Piercing Pagoda) has closed 100 or so stores - but they have also opened 100 or so. Wickes has been in liquidation for almost a year, and is no longer selling gift cards.

    You should be suspicious of anything that says "Pass it on to all your friends".

    Posting something from such a dubious source here without bothering to check it shows a profound lack of respect for the truth and an equally deep lack of respect for us.
     
  17. Nov 23, 2008 #16

    jal

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    Would you like to contradict the title of this thread?
    Perhaps you have done an indepth analysis of the industry and can enlighten us?
    I found the following analysist to get you started.

    http://www.cbc.ca/news/background/economy/giftcards.html
    IN DEPTH
    Economy
    Gift cards
    The lure of plastic
    Last Updated December 10, 2007
    ------
    Respectfully yours,
    jal
     
  18. Nov 23, 2008 #17

    Art

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    I checked a few on the list and it seems fairly accurate. The ones I checked all have mentions in the media of store closures?? Maybe the figures aren't exact but it's certainly not a total fabrication so in the context of the OP is valid.

    http://www.bizjournals.com/cincinnati/stories/2008/01/28/daily56.html?ana=from_rss
    http://retailconstructionmag.com/nm-newsshow.asp?story=368
    http://www.bizjournals.com/dallas/stories/2007/12/31/daily25.html?ana=from_rss
     
  19. Nov 26, 2008 #18

    Vanadium 50

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    I see...you're going with the "false but accurate" defense. I gave you a specific example that was totally false: Talbot's.
     
  20. Nov 26, 2008 #19

    Evo

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    Closing some locations is not the same as going out of business. As Vanadium pointed out it doesn't mention store openings. It's your typical scare tactic spam e-mail you see all of the time.

    These are restructuring moves to improve their business model.

    From your first link
    :rolleyes:
     
  21. Nov 26, 2008 #20

    Art

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    And from the OP
    Err yes. Exactly as per the link :rolleyes:.

    The point of the OP is that some currently nationwide stores may not be quite so nationwide in the not so distant future and so gift cards for such stores might be hard to use. The OP makes no claims that these companies are going out of business so I'm really not sure what your criticism is.
     
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