Fast-food Italian restaurant operator Sbarro filed for Chapter 13 bankruptcy protection today. According to the company's website, the Sbarro Gift Card will still be accepted during the reorganization. In fact, the company says it will be business as usual. Regardless of Sbarro's intentions, if you own a Sbarro Gift Card, go out and redeem it today; there is just no reason to take the chance of getting stuck with a worthless gift card.
Chapter 13: Uncertain Ground
Furthermore, there's always a chance the reorganization plans will fall short of expectations. For Example, Blockbuster filed for Chapter 13 bankruptcy protection in late 2010 and they recently announced the Blockbuster gift card will no longer be accepted after April 6, 2011. Blockbuster changed it's stance on gift card acceptance because the company has been forced to sell it assets and the new owner may choose not accept the Blockbuster Gift Cards issued before the purchase.
ScripSmart Accounts: Bankruptcy Alerts
In the last six months, we've seen several companies file for bankruptcy protection: Borders, Blockbuster, Harry & David, Anchor Blue and now Sbarro. ScripSmart can help you avoid getting stuck with a worthless gift card.
We offer ScripSmart Alerts and one of the alerts is a Bankruptcy Alert. In short, when we catch wind of a company entering into bankruptcy or even believe a company is on on unstable financial ground, we'll send out an alert via email to those who have registered the gift card in their ScripSmart Account. The service is free and you can create and account here. It's just one of the things we're doing to help consumers get the most out of their gift cards.