If you own a El Torito Gift Card, Chevy's Gift Card or Acapulco Gift Card, go out there and redeem it soon. Yesterday, Real Mex Restaurants Inc. the parent company of the above restaurant chains filed for Chapter 11 Bankruptcy protection.
The company's operations are heavily based in California, a state hit hard by unemployment and the housing market's downward spiral. Unfortunately, there was no mention of gift cards in the company's press release. The Real Mex is still selling it's gift cards online and I've contacted them to find out if if gift cards will still be accepted during the reorganization. Regardless, go out there and redeem to ensure you don't end up with a worthless piece of plastic.
Typically, when a restaurant files for Chapter 11 bankruptcy protection, gift cards are still accepted and sold. However, it's likely several locations will close in order to improve the company's finances. In other words, the location nearest could very well close it's doors which will make redeeming that gift card rather inconvenient.
A Chapter 11 filing indicates the company intends to stay in business; however, we've just seen both Chapter 11 filings from Borders and Blockbuster result worthless gift cards. If you're in the market for a gift card, be sure to check it's Gift Card Score. The financial condition is an important part of every Gift Card Score. We also keep a list of gift cards to avoid which is designed to help you avoid buying a gift card which might become worthless.
ScripSmart Accounts Help You Avoid Worthless Gift Cards
ScripSmart will send you helpful alerts for gift cards you own. From a handy monthly summary of the value of your gift cards, to bankruptcy alerts when a company in in jeopardy of going under. It's easy, just register your gift cards with ScripSmart and configure the alerts you'd like to receive. Create your account now.