Denim and casual apparel retailer Anchor Blue is throwing in the towel. The West Coast-base retailer's holiday season did not prove successful enough and the chain is closing all location. Gift cards and merchandise credits will no longer be accepted after January 28th 2011, just days away.
If you're an Anchor Blue Gift Card holder, it's use it or loose it. Unfortunately, online gift card redemption is not an option, so you'll need to hop in the car and head one of the several Anchor Blue locations still open.
In May 2009, Anchor Blue Retail Group Inc. filed for Chapter 11 bankruptcy protection. In August 2009, the Anchor Blue unit of Anchor Blue Retail Group Inc. was purchased by Sun Capital Partners. Now in January 2011, Anchor Blue is closing it's doors and gift card holders will be left out in the cold. It's safe to say, there were warning signs this event was going to happen.
Not Worth The Risk
When a company files for Chapter 11 bankruptcy protection, it's possible the gift cards will continue to be accepted and for several years. In fact, Chapter 11 implies the company intends to stay in business, turn things around and emerge from bankruptcy as a better business. However, such plans do not always pan out and when it comes to gift cards, a form of unsecured debt, it's simply not worth taking the chances.
Using your gift card soon is one of the best ways to be gift card smart. If a company is facing financial troubles, it's even more important to redeem that gift card. Furthermore, buying gift cards from companies which are on shaky financial ground is a sure way to end up with an expensive piece of plastic in your pocket.
ScripSmart Accounts Can Help
At ScripSmart, we understand it's not easy for most consumers to stay on top of the financial condition for each retailer which they shop. So, we've created a living list of gift cards to avoid. If you own a gift card for a company on this list, go out there and get something worthwhile for that gift card because It's possible it may see the same fact as the Anchor Blue Gift Card.
If you have trouble remembering to use your gift cards, sign up for a free ScripSmart account and take advantage of our alert system. You'll receive monthly reminders, expiration alerts and even an alert if the gift card you own is going to be worthless! Sign up now.