Gift cards and closing stores: what to do
A bankruptcy court judge ruled on Wednesday that the holders of some $210 million in Borders Books gift cards were out of luck: too much time had passed since the September 2011 retailer's shuttering to force its liquidators to reimburse the value of over 17 million cards that went unspent.
Whether the claimants in the lawsuit claimed ignorance or not, it would be hard to argue that the gift card holders didn't have a chance to be notified about Borders' bankruptcy or to spend their cards. Borders announced the bankruptcy in the early summer of 2011, and the last store shut its doors in late September of that year.
