Eddie Bauer Gift Cards Will No Longer Be Honored After September 1
Although CCMP will keep most of the existing Eddie Bauer stores open and continue operating the Eddie Bauer website they have announced that they will not honor Eddie Bauer gift cards after September 1, 2009 or after the sale is officially completed, whichever occurs first.
What does this mean to you if you have an Eddie Bauer gift card? USE IT FAST! If tomorrow morning CCMP Capital announces that the sale has been completed then you will be left holding a useless gift card. So now is the time to go to your local Eddie Bauer store or online and do some early back to school or holiday shopping.
Is it legal for CCMP Capital to stop honoring the gift cards once they take control of the company? Unfortunately it is legal and even common for new owners to stop taking existing gift cards when they purchase a company out of bankruptcy. When a company files for bankruptcy the point in doing so is to wipe away existing debt. Your gift card balance is basically viewed as debt that Eddie Bauer owes to you and the current bankruptcy laws allow gift card balances to be thrown out the window.
Take action now... if you have an Eddie Bauer gift card use it and use it fast. If you do not then you may find yourself with a useless piece of plastic.
Published by Eric Scott
Eric is a freelance writer specializing in small business, investing and local Chicago news. View profile
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1 Comments
Post a CommentThis informaiton is incorrect. Please review Eddie Bauer's official press release which states the following:
"On July 22, 2009, the Company announced that it had received court approval to proceed with the sale of its business to Golden Gate Capital, a premier private equity firm ... Under the terms of the transaction with Golden Gate, Eddie Bauer gift cards will continue to be honored in the ordinary course of business."
For the full press release, visit the link below.
http://investors.eddiebauer.com/announcement/