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Dose of Meditation
November 23, 2008
I absolutely hate to be a Debbie Downer, but I must right now. The sheer number of retailers planning to go into bankruptcy after the holidays is astonishing. You need to know who they are in case you plan on giving gift cards to friends and family this season. Why? Because some of those cards will be worthless next year. Here is a partial list parsed from a retail consultant friend's viral email.
Hi Everyone!
I got an email from a co-worker. In case you are planning to give Christmas Gift cards please read the following:
I wanted to give everyone a heads up that if you tend to give gift cards around the holidays, you need to be careful that the cards will be honored after the holidays. Stores that are planning to close after Christmas are still selling the cards through the holidays even though the cards will be worthless January 1. There is no law preventing them from doing this. On the contrary, it is referred to as 'Bankruptcy Planning'. Below is a partial list of stores that you need to be cautious about.
Circuit City (already announced filing for Chapter 11)
Ann Taylor- 117 stores nationwide closing
Lane
Bryant, Fashion Bug ,and Catherine's to close 150 stores
nationwide
Eddie Bauer
to close stores 27 stores and more after January
Cache will close all stores
Talbots closing down specialty stores
J. Jill
closing all stores (owned by Talbots)
Pacific
Sunwear (also owned by Talbots)
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
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
Loews to close down some stores
Dillard's to close some stores
Merry Christmas.
