Fortunoff Stops Honoring Gift Cards
If you happen to be holding a Fortunoff gift card you may be out of luck. The bankrupt luxury goods store has stopped honoring all gift cards in advance of next week's auction of its assets. Bloomberg reports that Fortunoff is working with creditors to find a way to keep accepting the cards but there is no news on when this might happen. Fortunoff is still facing a February 23 deadline for the sale.Fortunoff has closed its Manhattan store and laid off 300 workers, although other stores remain open. Federal bankruptcy law allows companies to stop honoring gift cards after they file Chapter 11. The NY Daily News tells the story of newlywed Vicki Georgiou, who had received $3,000 worth of Fortunoff gift certificates at her recent wedding. She spent half the total on Monday but when she went back to spend the second half later in the week she found that she could not use the cards. There is a chance that Fortunoff may restore gift card use if it is bought by another company but for now consumers are in limbo.
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Reader Comments (Page 1 of 1)
Bankruptcy Watch Feb 21st 2009 10:17PM
Stay tuned. Friend inside says Fortunoff just signed up a deal with two liquidators. The liquidators, believe it or not, conditioned their bid on their ability to honor gift cards for a limited period of time. They are doing it on their nickel--no help from company.
David Bello Feb 23rd 2009 4:51PM
The New Jersey DECORATING EXCHANGE will honor all FORTUNOFF gift cards, reward certificates and merchandise credits against a minimum sale. The FORTUNOFF CUSTOMER DOES NOT END UP WITH AN EMPTY SHOPPING BAG. The Exchange is located on 3 New Bridge Road in River Edge, New Jersey. Call 201.342.0110 for details.