Gift Cards Not Being Honored

Sharper Image has filed for bankruptcy, leaving millions of dollars in gift cards and merchandise certificates completely worthless, even for online purchases. Redemption of all gift cards and certificates have been suspended following this filing and no more are being sold. Even though gift cards are very popular (consumers spent an estimated $26.3 billion on them at retailers last holiday season alone), they apparently can be risky as well. The number of retailers filing for bankruptcy or going out of business in 2008 is expected to reach the highest level since the 1991 recession. This may make you think again before purchasing gift cards in the future. It may also send you scurrying to use the ones you have without wasting any time!