We’ve often written about the fortunes trapped in the wallets of consumers who carry around gift cards for months. In many ways, this is almost as bad as getting large tax refunds every year.
What makes this practice especially dangerous is what happened Friday. Home furnishings giant Linens ‘n Things announced they were filing for bankruptcy protection. That filing is a danger sign, but not especially problematic. The true problem came in the details of the filing when the company said that it would close 120 of its less than 600 stores. About 15% of those stores are in California.
What does that mean for you? If you’re in a California community with a Linens ‘n Things store due for closing, you might find some amazing deals. After all, it is cheaper to sell products at a deep discount than to pack and move them.
But don’t hesitate. You may very well find that the store in your town and surrounding towns is closed before you know it.
Reminder: The email function on this blog is in the top right corner. Be sure to send this to anyone to whom you’ve given a Linens ‘n Things gift card or someone you know who has one. Smart consumers stay aware of trends, and gift card holders need to know if and when their local store is closing.
Posted under Finance
This post was written by George Bounacos on May 5, 2008
