Have a Toys R Us Gift Card? Better Use It Now.
It's an almost certainty that Toys R Us will be history. The chain plans to honor gift cards for the next 30 days. But the recommendation is that you go use it as soon as possible.
The chain has been honoring gift cards since it filed for Chapeter11 last year. But now the company is going to be shutting down. And in bankruptcies, they do not have to honor cards. But they are planning to ask a court to do so.
U.S. Senate Minority Leader Charles Schumer, D-New York, sent a letter Wednesday to the acting chairwoman of the Federal Trade Commission, asking her to act to ensure that consumers have time to use their existing gift cards.
With Toys R Us going away, a group of liquidation firms will be responsible for selling off the rest of the chain's inventory.
"Use those gift cards ASAP," the Better Business Bureau said on its website for advice for customers of bankrupt companies. "Businesses that have entered into the liquidation process will not be around for very long and BBB advises consumers who are holding gift cards spend them as soon as possible or risk getting stuck with a worthless piece of plastic."
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