Are the Gift Card Rumors True?

Rumors have been circulating around the Internet surrounding stores that are going out of business and if gift cards are still redeemable. Emails like this one are showing up in inboxes across America:

If you have gift certificates to any of these stores you better use them before it's too late. The following stores will be going out of business and closing down between October 2008 and January 2009.

  • Circuit City
  • Ann Taylor closing 117 stores
  • Lane Bryant, Fashion Bug, and Catherine's to close 150 store nationwide
  • Eddie Bauer to close stores 27 stores and more after January
  • Cache will close all stores
  • Talbots closing down all stores
  • J. Jill closing all stores
  • GAP closing 85 stores
  • Footlocker closing 140 stores more to close after January
  • Wickes Furniture closing down
  • Levitz closing down remaining stores
  • Bombay closing remaining stores
  • Zales closing down 82 stores and 105 after January
  • Whitehall closing all stores
  • Piercing Pagoda closing all stores
  • Disney closing 98 stores and will close more after January
  • Home Depot closing 15 stores 1 in New Brunswick, NJ
  • Macy's to close 9 stores after January
  • Linens and Things closing all stores
  • Movie Galley Closing all stores
  • Pacific Sunware closing stores
  • Pep Boys Closing 33 stores
  • Sprint/ Nextel closing 133 stores
  • JC Penney closing a number of stores after January
  • Ethan Allen closing down 12 stores
  • Wilson Leather closing down all stores
  • Sharper Image closing down all stores
  • K B Toys closing 356 stores
  • Dillard's to close some stores

NewsChannel 10's Kristen Guilfoos researched the rumors and separates fact from fiction.

Circuit City: Has filed Chapter 11 and will close several stores in Texas, but the one in Amarillo will remain open. Gift cards are still accepted online and at open locations.

Ann Taylor: Will close 117 stores over a three year period ending in 2010. Locations of store closing have not been released. Gift cards are still accepted online and at open locations.

Lane Bryant: Will close 40 stores nationwide. Gift cards are still accepted online and at open locations.

Talbots: Has closed its Mens and Kids departments. The company does not have any plans to shut down any more stores and dispels the rumor on their website.

Gap: Will close 115 stores nationwide, but will open 100 new stores, so the company will have a net loss of 15 stores. The Amarillo Gap will remain open and Gap is not pulling out of any market all together.

Whitehall Jewelers: Currently running a "Going Out of Business Sale". The rumor is true.

Zales: The company has closed 107 under-performing stores, but has opened 47 new locations.

JC Penney: Denies rumors of any store closings. They says they are opening a few new stores.

Dillard's: 20 of their 327 stores will be closing nationwide. Dillard's is not exiting any markets completely at this time. Gift cards are still being accepted.

Linens n Things: has filed for bankruptcy and is closing all of their stores by the end of 2008. Gift cards are no longer for sale, but you will be able to use gift cards that have already been purchased.

If you would like to trade, buy or sell a gift card, you can go to websites like or