Linens and Things Going out of Business
Posted on 10-15-2008 By GiftCardBlogger™ in Bankruptcy & Gift Cards |
Folks, the economic tsunami has taken down yet another retailer - Linens ‘n Things. As I reported in this piece back in April, Linens ‘n Things has been struggling under the weight of the economic downturn. The company filed for bankruptcy reorganization in May, hoping to come out of bankruptcy as a leaner, more focused company. It appears things did not work out that way.
The company has therefore abandoned its reorganization plan and has auctioned its assets to the highest bidder. As a result, beginning Friday, October 17th, all remaining 371 Linens ‘n Things stores in the United States will begin their “Going out of Business Sales” where their entire inventory will be sold at a discount.
What does this mean for gift card holders? If you currently hold a Linens ‘n Things gift card, you may be out of luck. As I mentioned back in May, the gift cards were redeemable while the company was undergoing reorganization. But now that they have decided to liquidate the business, your card may be worthless. However, I encourage you to try and see if they will accept your card during the liquidation sale (please be kind and post your findings in the comments section to help others in a similar predicament :):)
Which brings me to the question of why the company did not alert gift card holders to come in and redeem their cards when they knew they were going under? I will explore this issue in another article since the same thing happened with The Sharper Image when they abandoned their reorganization plan and decided to liquidate the entire business, leaving gift card holders with worthless gift cards.
- Press My Buttons !
I just went to my local Linens-and-Things in Fairfax, VA and they are currently still accepting gift cards. You cannot use the gift cards online or through phone orders but it looks like it is at the individuals stores discretion whether or not they are accepting gift cards in the store. So if you have gift cards I would suggest calling your local stores and use them as soon as possible.
Amy, thanks for the info.
just happened to stumble on LNT store that said it was going out of business since I still had a gc I went in and was told i might not be able to use it. I went around to see if there was anything to buy. I bought a small item and the said it was ok. They just weren’t accepting coupons anymore. I wanted to get rid of the gc because who knows when they are going to stop letting people use them. So even though the sale was only 105 off optd to use up the card and get it over with.
This LNT was in AB cananda
Jaimie, thanks for the information. I am glad you were able to use your card.
Was in Linen’s ‘n Things last week. They are still honoring existing gift cards.
Thank you Daniel for passing this information along.
I still have a gift card and my local linens n things are all closed… are there any left in the country that have not closed? Does anyone know what I can do to redeem my card?
I also am stuck with a couple of gift cards. Any ideas how these could be redeemed?