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SAN FRANCISCO (AP) - Sharper Image says it will immediately resume honoring gift cards and other vouchers that were suspended last month when the company filed for Chapter 11 bankruptcy.
The luxury retailer says it will redeem gift cards issued before it sought bankruptcy protection on February 19th if customers exchange them in full during one transaction and apply them toward items costing double the value of the cards.
In a statement, it explained that a customer holding a $25 gift card could only use it to buy $50 worth of items.
Shaper Image says customers could also hold onto their cards in case it could accept them in the future without any restrictions.
The Sharper Image announced late last month that it was temporarily suspending the acceptance of gift cards, which is typical of businesses engaged in Chapter 11 proceedings. Companies count gift cards as loans and gift card holders are unsecured creditors on their books. |