Aisha Al-Muslim
speaker
61 appearances
1 recordings
1 series
first heard Jun 2020
last heard Jun 2020
Aisha Al-Muslim’s voice in public audio — every appearance, attributed to the second.
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Appearances
It is up to the retailer to decide how long they think they should be accepting those gift cards, especially if that retailer is going into bankruptcy because they plan to liquidate their business.
Oftentimes it may be 30 days.
Sometimes there have been 15 days.
About two to four billion dollars in gift cards go unused every year in the United States.
That would be about 4% of gift cards sold every year that are not used.
it's a lot that consumers pay for and don't use.
I mean, there's various reasons why they don't, you know, sometimes you get a gift card, you put it away, you forget about it, you lose it.
Uh, somebody else finds it, you know, because somebody buys it as a gift.
It doesn't mean that it ends up with that person or that they may end up actually going out and using it right away.
And they just forget.
I mean, I talked to one person who had a gift card since she got married and
in 2016 and just never thought about using it until she heard that Pier 1 filed for bankruptcy.
The guidelines really vary and it is up to the retailer.
Once they go into bankruptcy, it is up to them to decide how long they think they should be accepting those gift cards.
Especially if that retailer is going into bankruptcy because they plan to liquidate their business, then the timeline and the clock just starts ticking.
And oftentimes it may be 30 days, sometimes there've been 15 days.
And so people have to really act quickly to use their cards.
Otherwise, there isn't much recourse.
For example, Pier 1 is giving people about 30 days to use their gift cards after stores reopen.
As you know, some stores shut down because of the coronavirus pandemic and some restrictions when it comes to non-essential retailing.
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