Spend Toys R Us Gift Cards Now
We hate to interrupt your mourning for the passing of Toys R Us and are deeply concerned if Jeffrey will ever be able to get back on his feet , but there is something you need to do.
Spend your gift cards. Currently.
The toy chain has announced that it will accept gift cards, including Babies R Us gift cards, for the next 30 days . Still holding the $ 50 gift card Aunt Poppy gave your child for Christmas in 2009? Find it and buy something at one of the hundreds of sales that are currently taking place across the country. (Trade items are also sold.)
What happens if you don’t use the gift cards? “They’re going to be pretty much useless,” said Tom Olk, vice president of online gift card marketplace Raise . “If there is value left after the physical closure of the company, you become an unsecured lender,” he explains. “In the waterfall of repayment, you will find yourself behind all the secured loan holders, such as debt holders or creditors. As a result, you will only receive pennies for the dollar – even if you get that amount. “
Also, if you have a registry at Babies R Us, you’ll want to move it to another store ( perhaps Costco? ), As the registries will be closed in the next couple of weeks .