$75M in gift cards could become worthless - CNN.comFirst Faved : Mar 06 2008 by kristenFaved : 1 time with noteViewed : 1 timeFave It!
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The purchase of gift cards is a loan to the company? I always thought of it as a pre-payment.
Quoted: You know that Sharper Image gift card you got for Christmas? Right now, it's worthless. And other gift cards in your wallet could lose their value, too. ...
That is typical of businesses that reorganize under Chapter 11 bankruptcy, which treats gift cards as a loan to the company, not as cash.
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kinda cool.
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Thanks for sharing this. I had no idea either.