Consumer Protection: Gift Cards in Bankruptcy

Holders of gift cards issued by retail companies who file in bankruptcy may have priority rights.  In a groundbreaking consumer decision, Krislov Law achieved class certification and priority treatment for holders of gift cards issued by The Sharper Image Company.  As a result, gift card holders now stand to receive a substantial recovery on their unredeemed value; some may well receive full refunds.

Krislov Law recently filed gift card claims in the Borders bankruptcy, and have requested the court to certify the class as class claims, and to similarly recognize the consumer deposit priority, giving the $156 million in unredeemed gift card holders a leg up in claims against the $70+ million in cash remaining in the estate.

We would be happy to hear from you if you have gift cards in these or other companies who have filed in bankruptcy, in order to recover your unredeemed value.

 

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