If You Have Toys ‘R Us Gift Cards, Get There ASAP
Toys 'R Us announced it is closing its stores in 30 days. This includes Babies 'R Us stores, too. Here's what to do if you still have unused gift cards.Experts say spend them as soon as you can. The company has said it will honor them for 30 days, but word is they will not be restocking store shelves. So while the gift cards will be accepted, what good will they be in increasingly empty stores?
"Gift cards are, technically, unsecured debt of the bankrupt retailer and bankruptcy law gives them no special protection," said Melissa Jacoby, a bankruptcy law professor at the University of North Carolina at Chapel Hill. - USA Today
Michigan Attorney General Bill Schuette warned consumers to be aware of scammers trying to take advantage of this situation. "Beware of anyone who claims they can help you retrieve your Toys "R" Us order from a store for a fee, or any crowdfunding pages looking to raise money for an item they lost. Only communicate with a designated bankruptcy trustee", the Attorney General's office said in a release today.
The Attorney General's office offered these tips, if you have merchandise you purchased, but didn't receive when the stores do close:
"The first step: Limit your financial loss. When faced with the sudden closure of a business, consumers who made purchases but have not received all of the goods or services they contracted for should immediately determine their method of payment and act accordingly:
- If you paid with a credit card, contact your credit card company to dispute the charges and have all related charges removed from your bill. You should be able to find information regarding how to dispute charges on your monthly statements.
- If you paid by check, contact your bank to determine if you can stop any payment.
- If you arranged for long-term financing, contact the financing company and dispute any payment for goods or services that have not been delivered.
- If you arranged for some form of automatic payment plan, contact your bank or credit union to immediately stop any future withdrawals from your account.
If you end up with undelivered merchandise or all else fails, you can file a complaint online or by calling the Attorney General's Consumer Protection Division at 877-765-8388.