Be Careful when Buying Gift Cards Due to Stores Closing

If you are buying gift cards this holiday season, please be aware that many cards may not be honored. This is due to the fact that many stores have already gone out of business, plan on closing, or plan to close some stores over the course of the next year.

It is truly unbelievable how many stores are in trouble right now. So make sure before purchasing any gift cards that it's clear when they expire. Many stores are still selling gift cards even though they are in the bankruptcy planning process. Apparently it is not illegal for them to do so. Also keep in mind that if you purchase any merchandise from a store that is closing, you may not be able to return or exchange the item, and warranties may be voided.

Here is a list of stores that you should be cautious about when making any purchases, especially when purchasing gift cards:

Ann Taylor is planning to close 117 stores.

Bombay will be closing all remaining stores.

Cache, a women's retail store, plans to close all stores.

Circuit City filed Chapter 11 bankruptcy and is closing stores.

CompUSA has been closed.

Dillard's will continue to close under-performing stores.

Disney Store plans to close 98 stores, and possibly more in 2009.

Eddie Bauer has already closed 27 stores and may close more in 2009.

Ethan Allen plans to close 12 stores.

Foot Locker is closing 140 stores, and possibly more in 2009.

Gap Inc. is closing 85 stores.

Levitz has already closed.

Home Depot is closing 15 stores.

J. Jill is closing all stores.

JC Penney is closing a number of stores in 2009.

KB Toys plans to close 356 stores.

Lane Bryant, Fashion Bug, and Catherine's are closing 150 stores nationwide.

Linens & Things is under liquidation and closing all stores by the end of this year.

Lowes, the home improvement store, plans to close some of its stores.

Macy's will close 9 stores after January 2009.

Mervyn's will be closing all stores.

Movie Gallery and Hollywood Video plan to close 400 stores in addition to the 520 that were closed last fall.

Pacific Sunwear will close its 154 demo stores.

Sharper Image plans to close all of its stores.

Sprint Nextel closing 125 retail locations.

Talbots is closing all of its kids' and men's stores, and will close another 22 underperforming stores which will be a mix of Talbots women's and J. Jill stores.

Whitehall is closing all stores.

Wickes Furniture is going out of business and closing all of its stores.

Wilsons Leather is closing all of its stores.

Zales, the jewelry stores, is closing down 82 stores and another 105 after January 2009.