« New IRS Standards Effective March 17, 2008 | Main | 1st Circuit BAP Affirms Lien Avoidance on Postpetition Home Refi »

March 6, 2008

Sharper Image Gift Coupons and Store Closings

There have been news reports, including an article in the LA Times yesterday, that Sharper Image will no longer honor its prepetition gift and merchandise certificates.  The company actually asked the court, as one of its first day motions, to allow it to continue to honor those certificates and the UST objected.  The objection was actually well taken since there was no showing of how much was out there, i.e., the effect of the order on the other creditors.  Sharper Image has modified the request to provide that customers can use the certificates as long as they buy something worth twice as much as the certificate.  If the customer buys something for $100, he can use his $50 or less certificate.  This still has to be approved by the Bankruptcy Court.   

Sharper Image has also asked the court for "procedures orders" permitting it to close 96 of its stores and auction the inventory to the extent the inventory is not sold at the closing sales.  The motion lists the stores to be closed on "Exhibit 'A.'"  Exhibit A in turn states, "to be completed later." 

March 6, 2008 in Current Affairs | Permalink

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341bfae553ef00e550a283a88833

Listed below are links to weblogs that reference Sharper Image Gift Coupons and Store Closings:

» mobile phone with free gift from mobile phone with free gift
Most people make the mistake of going direct to a UK network for the next mobile phone... not knowing that there are incentives available from household names such as Tesco. These include Laptops, HDTV's, Wii's, Playstations, Tom Toms and much more. [Read More]

Tracked on Sep 14, 2009 11:38:09 PM

Comments

Hi,I would like to know the locations closing . Iam interested in buying a large quantity of products. Please send me the addresses of the stores with phone numbers. Thanks MIR

Posted by: mir | May 26, 2008 5:32:42 PM

Don't be misled by this alert. While it's true that many U.S. companies are feeling the effects of the economic downturn and some will no doubt close locations and/or file for bankruptcy in the coming months, most of the store closures listed above had either already taken place or were planned well before the 2008 financial crisis occurred. It seems there are lots of stores that are closing due to the "recession" and the fact that people are not shopping. If you have any "gift cards" from these stores, make sure you use them, or you will lose them ! Which means that in all but a few cases, fears that gift cards issued by these companies may suddenly become worthless are unwarranted or premature.IVA bankruptcy

Posted by: aryan | Jan 1, 2011 3:16:54 AM

Post a comment