Buyer Beware: Sharper Image Gift Card Restrictions
Tip It!In case you need another reason to convince you that gift cards suck, check this out… Sharper Image filed bankruptcy on February 19, 2008 and promptly stopped honoring their own gift cards. This was actually a byproduct of the bankruptcy proceedings, but they initially told the court that they wouldn’t seek an exception to allow them to honor the $42.6 million in outstanding cards.
Sharper Image eventually changed their tune, however, when Brookstone (another mall specialty store) took advantage of the situation by offering cardholders a 25% discount on their entire Brookstone purchase in exchange for their card. They ultimately got permission from the court to resume honoring their gift cards but, as things currently stand, you have to make a purchase that is at least twice the value of your gift card.
Full details on gift card redemption can be found here.
Published on March 14th, 2008 - 3 Comments
Filed under: Miscellany
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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March 14th, 2008 at 2:36 pm
EXCELLENT move by Brookstone.
March 15th, 2008 at 3:03 pm
Smart marketing move on the part of Brookstone…
March 17th, 2008 at 5:20 pm
I like the marketing move on Brookstones part and the gift card situation just baffles me. They are going out of business and the customer has techincally already gave them the cash, so why can’t they take the items that will go to liquadators anyways?