Redeem them ASAP!
Last week – January 15th to be exact – Joann and its sibling companies filed for Chapter 11 bankruptcy protection again. Yep, it’s the second filing in less than year. This time, though, it’s to ask the court for permission to sell itself to the highest bidder. Joann apparently has a deal with Gordon Brothers Retail Partners LLC, which has indicated it will liquidate and close all 800+ Joann stores unless a higher bidder is found. FYI, this is the company that is currently overseeing the closing of Big Lots stores across the country.
How does this impact you?
Joann stopped selling gift cards as of the date of the bankruptcy filing. The bankruptcy judge signed a flurry of first day orders to allow the company to continue operating as usual during the sale process. Joann’s website states that it is currently still accepting gift cards as a form of payment, but its ability to continue accepting gift cards is up to the court.
Once upon a time, I worked for a bankruptcy trustee. The whole Chapter 11 bankruptcy process is very convoluted. No final sale date has been established yet. Once the sale closes, you can be damn sure those gift cards will be rendered worthless! According to the docket, the parties return to court in mid-February for more fun and games. Go redeem your Joann gift cards now.
This evening, I redeemed a gift card for quilt batting that I’ll pick up in-store tomorrow. I’ll also be checking my purses and SUV for any random cards I may have forgotten about.
On a personal note,I hope Joann’s finds a buyer that wants to downsize and keep select stores open in major markets. I realize that businesses come and go, but this one, like Hancock Fabrics, was a part of my childhood.
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Thanks for the info
You’re welcome!