Burn ‘Em if You Got ‘Em

As you may have heard, Circuit City declared bankruptcy today… they are not the first retailer to have issues this year (see: Linens ‘n’ Things, Sharper Image, among others).   I doubt they will be the last either.

Here’s some free advice:  don’t buy gift cards as gifts, and if you have some on hand, use them now.   One of the first things that happens when a retailer goes bankrupt is that gift cards usually become worthless.

Circuit City is still honoring cards for now, though how long that practice lasts is anyone’s guess.   As the linked article indicates, the retailer will have to get approval from the bankruptcy court sooner or later, and since gift cards are considered unsecured debt, they will probably be close to the top of the list of things that gets axed.

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3 Responses to Burn ‘Em if You Got ‘Em

  1. JW says:

    Glad I did not buy that extended warranty their sales guy was pushing when I bought my monitor. “You know a lot of times with these lower end monitors, you’ll get dead pixels like right after the warranty ends. Buy the extended warranty, that way we’ll take care of it for you.” Ha!

  2. Bart says:

    As long as CC stays in business I think the extended warranties will be honored… if the chain goes belly-up for good, though, then yeah, the extended warranty isn’t much good.

  3. planinpencil says:

    wow. never thought of that. thanks for the advice! i’ll definitely be using mine up!

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