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Subject: KB Toys stores to stop accepting gift cards rss

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Diane Close
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KB Toys will no longer accept gift cards in stores after January 11, 2009. KB Toys is currently pursuing bankruptcy. According to a statement they released, gift cards bought at stores cannot be redeemed on the KBToys.com website, but gift cards bought online can be replaced with an electronic gift certificate for purchases on KBToys.com. However the website does not say when or if those certificates expire.
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True Blue Jon
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Another reason why gift cards are bad.

http://www.boardgamegeek.com/thread/366246
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J.L. Robert
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At least they're kind enough to announce a deadline. Unlike the stunt The Sharper Image tried to pull off.
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Jeb Adams
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Californians should be ok...
California Civil Code wrote:
(a) A gift certificate constitutes value held in trust by the issuer of the gift certificate on behalf of the beneficiary of the gift certificate. The value represented by the gift certificate belongs to the beneficiary, or to the legal representative of the beneficiary to the extent provided by law, and not to the issuer.

(b) An issuer of a gift certificate who is in bankruptcy shall continue to honor a gift certificate issued prior to the date of the bankruptcy filing on the grounds that the value of the gift certificate constitutes trust property of the beneficiary.

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David Detwiler
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Thanks Diane...I still have a few $ on a card to spend.
 
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Diane Close
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J.L.Robert wrote:
At least they're kind enough to announce a deadline.


Sortof. The deadline was January 1st, in some States, and was unnanounced. The January 12th deadline announcement was forced by the Washington State Attorney General's office. The details are in the link.
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Lupi
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they've been on the verge so long, who's still shopping there for anything other than lower dollar clearance stuff you're taking out the store with you?
 
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J Robins
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I always wonder why people are willing to trade cash for a more restrictive form of money that can lose value over time with fees and expiration dates. That's really thoughtful of you to advertise this to anyone with the cards.
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David Detwiler
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I tried to use a gift card last night in PA and was told that they could no longer be used and that January 1st was the deadline. It had less than $2 left on it so it was no big deal for me but I am sure others lost more buying power than I did.
 
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J.L. Robert
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Ampere wrote:
I always wonder why people are willing to trade cash for a more restrictive form of money that can lose value over time with fees and expiration dates. That's really thoughtful of you to advertise this to anyone with the cards.


I agree with the limited spending power of gift cards. But lost value doesn't apply everywhere. In California, at least, gift certificates and cards have no expiration, nor can fees be levied upon them.
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Tim Gilberg
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J.L.Robert wrote:

I agree with the limited spending power of gift cards. But lost value doesn't apply everywhere. In California, at least, gift certificates and cards have no expiration, nor can fees be levied upon them.


But normal rules like that don't necessarily apply in the case of a bankruptcy. Basically, a company in bankruptcy needs to get permission from the court to honor gift cards and that permission might not be granted, especially if other creditors object.

With Sharper Image, it wasn't so much that they were trying to pull something--it was that they were sunk as a company. At that point, as a creditor, get in line.
 
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Kurt
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There's also nothing to stop a manager from deciding not to accept the cards in CA. It may be illegal, but that hasn't stopped all sorts of pseudo and not so pseudo scams I've seen in retail (not accepting returns even within their guidelines, sale items 'mysteriously' not showing up as being on sale even though corporate headquarters AND the local manager has known about the sale for hours if not days, etc.).
 
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J.L. Robert
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Gilby wrote:
J.L.Robert wrote:

I agree with the limited spending power of gift cards. But lost value doesn't apply everywhere. In California, at least, gift certificates and cards have no expiration, nor can fees be levied upon them.


But normal rules like that don't necessarily apply in the case of a bankruptcy. Basically, a company in bankruptcy needs to get permission from the court to honor gift cards and that permission might not be granted, especially if other creditors object.

With Sharper Image, it wasn't so much that they were trying to pull something--it was that they were sunk as a company. At that point, as a creditor, get in line.


Of course the situation changes in the case of a Chapter 7 Bankruptcy.

The Sharper Image situation involved them ceasing to honor them without any prior notice. They quickly reversed this decision after the negative publicity (and I would assume the threat of legal action).
 
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