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	<title>Comments on: Gift Cards and Bankruptcy: What To Do When Stores Go Broke</title>
	<atom:link href="http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/</link>
	<description>Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more.</description>
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		<title>By: Steve</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-154073</link>
		<dc:creator>Steve</dc:creator>
		<pubDate>Thu, 30 Oct 2008 15:24:02 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-154073</guid>
		<description>With the holidays around the corner it&#039;s time for the gift card buying. Personally, it seems ridiculous to give a gift card to a specific store and limit the possibilities. Unless you can get the gift cards at a discount. I was surprised to see that you could buy unwanted gift cards on eBay. I&#039;ve used this page to search for the common businesses: http://blog.tangentminds.com/2008/08/gift-cards.html</description>
		<content:encoded><![CDATA[<p>With the holidays around the corner it&#8217;s time for the gift card buying. Personally, it seems ridiculous to give a gift card to a specific store and limit the possibilities. Unless you can get the gift cards at a discount. I was surprised to see that you could buy unwanted gift cards on eBay. I&#8217;ve used this page to search for the common businesses: <a href="http://blog.tangentminds.com/2008/08/gift-cards.html" rel="nofollow">http://blog.tangentminds.com/2008/08/gift-cards.html</a></p>
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		<title>By: Dana</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-154009</link>
		<dc:creator>Dana</dc:creator>
		<pubDate>Wed, 29 Oct 2008 19:49:13 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-154009</guid>
		<description>I hope Best Buy goes bankrupt, too.  I know too many people who have had bad experiences with them--to me it&#039;s not worth saving a few cents if you&#039;re treated like garbage.  My stepmom and her boyfriend (post-divorce) were assaulted behind a BB after having serious problems with the staff on a car stereo installation.  The manager who witnessed the whole thing played dumb afterward.  I don&#039;t blame them for the assault but the way they acted all sour grapes afterward was completely unprofessional.  I heard of another person who was arrested by the Secret Service at a Best Buy for paying in $2 bills.  The staff thought it was counterfeit money!

I can&#039;t believe Bennigan&#039;s is bankrupt.  I feel so sad now.  I used to visit there with friends when I was in the Army in the mid-90s--their Monte Cristo was killer.

I prefer to buy people actual gifts to getting them gift cards.  I don&#039;t understand why people don&#039;t take more time to be thoughtful.  You don&#039;t even have to spend a lot of money for it.  Even when I left a job years ago because I was moving, my co-workers pooled money and bought me actual gifts.  I feel like, if you know me that little that you can&#039;t imagine what I would like, just buy me a greeting card and I&#039;ll appreciate it just as well.</description>
		<content:encoded><![CDATA[<p>I hope Best Buy goes bankrupt, too.  I know too many people who have had bad experiences with them&#8211;to me it&#8217;s not worth saving a few cents if you&#8217;re treated like garbage.  My stepmom and her boyfriend (post-divorce) were assaulted behind a BB after having serious problems with the staff on a car stereo installation.  The manager who witnessed the whole thing played dumb afterward.  I don&#8217;t blame them for the assault but the way they acted all sour grapes afterward was completely unprofessional.  I heard of another person who was arrested by the Secret Service at a Best Buy for paying in $2 bills.  The staff thought it was counterfeit money!</p>
<p>I can&#8217;t believe Bennigan&#8217;s is bankrupt.  I feel so sad now.  I used to visit there with friends when I was in the Army in the mid-90s&#8211;their Monte Cristo was killer.</p>
<p>I prefer to buy people actual gifts to getting them gift cards.  I don&#8217;t understand why people don&#8217;t take more time to be thoughtful.  You don&#8217;t even have to spend a lot of money for it.  Even when I left a job years ago because I was moving, my co-workers pooled money and bought me actual gifts.  I feel like, if you know me that little that you can&#8217;t imagine what I would like, just buy me a greeting card and I&#8217;ll appreciate it just as well.</p>
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		<title>By: Charlotte</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-154004</link>
		<dc:creator>Charlotte</dc:creator>
		<pubDate>Wed, 29 Oct 2008 19:16:06 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-154004</guid>
		<description>I&#039;m not a big fan of gift cards but I occasionaly give my mom or dad a restaurant gift card. They don&#039;t eat out a lot but this gives them a chance to celebrate since I live in a different state. If I gave them cash, it will just go in their monthly budget.</description>
		<content:encoded><![CDATA[<p>I&#8217;m not a big fan of gift cards but I occasionaly give my mom or dad a restaurant gift card. They don&#8217;t eat out a lot but this gives them a chance to celebrate since I live in a different state. If I gave them cash, it will just go in their monthly budget.</p>
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		<title>By: Snowballin'</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-154001</link>
		<dc:creator>Snowballin'</dc:creator>
		<pubDate>Wed, 29 Oct 2008 18:48:53 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-154001</guid>
		<description>In defense of gift cards, I give them to people who, if given money, would buy something mundane and forgettable.  I like to give something fun and memorable by forcing them to shop at certain places that I know sell things they would like and will still have 5, 10 or more years from now.</description>
		<content:encoded><![CDATA[<p>In defense of gift cards, I give them to people who, if given money, would buy something mundane and forgettable.  I like to give something fun and memorable by forcing them to shop at certain places that I know sell things they would like and will still have 5, 10 or more years from now.</p>
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		<title>By: Anne</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-154000</link>
		<dc:creator>Anne</dc:creator>
		<pubDate>Wed, 29 Oct 2008 18:42:31 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-154000</guid>
		<description>From CNBC and the utter desperation that&#039;s filling my email inbox every morning (I swear Coldwater Creek is one email away from paying me to take some of the sale merchandise), I&#039;d also say to avoid gift certificates to most mall/&quot;lifestyle center&quot; based women&#039;s apparel stores as well.  They&#039;re not as bad off as Circuit City but I wouldn&#039;t be surprised to see selective store closings, which would make gift cards harder for the recipient to redeem.</description>
		<content:encoded><![CDATA[<p>From CNBC and the utter desperation that&#8217;s filling my email inbox every morning (I swear Coldwater Creek is one email away from paying me to take some of the sale merchandise), I&#8217;d also say to avoid gift certificates to most mall/&#8221;lifestyle center&#8221; based women&#8217;s apparel stores as well.  They&#8217;re not as bad off as Circuit City but I wouldn&#8217;t be surprised to see selective store closings, which would make gift cards harder for the recipient to redeem.</p>
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		<title>By: Ryan McLean</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153997</link>
		<dc:creator>Ryan McLean</dc:creator>
		<pubDate>Wed, 29 Oct 2008 17:45:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153997</guid>
		<description>Thanks for the tips and info on the stores that are closing down. I also suggest to everyone to not give anyone a gift card as a gift. Just give them cash or a check. That way they can use at more then one place and not be out anything if the store closes.</description>
		<content:encoded><![CDATA[<p>Thanks for the tips and info on the stores that are closing down. I also suggest to everyone to not give anyone a gift card as a gift. Just give them cash or a check. That way they can use at more then one place and not be out anything if the store closes.</p>
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		<title>By: Chris</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153992</link>
		<dc:creator>Chris</dc:creator>
		<pubDate>Wed, 29 Oct 2008 17:11:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153992</guid>
		<description>I always enjoy getting Barnes and Noble giftcards.  At a big holiday like my birthday or Christmas, if I get cash - I&#039;m likely to use a small percentage of the cash to get something I&#039;ve wanted - but most of that money gets worked into our monthly budget and eventually used for groceries or savings or gas or debt payment, etc.  With a B&amp;N gift card - the giver is telling me - hey - I know you like to read books and I know you like to buy books - I want you to be able to do this, but I don&#039;t know what book to get you - so here&#039;s $25 for you to make your own selection.  That way - the money is used for something (a gift) rather than just as extra cash.</description>
		<content:encoded><![CDATA[<p>I always enjoy getting Barnes and Noble giftcards.  At a big holiday like my birthday or Christmas, if I get cash &#8211; I&#8217;m likely to use a small percentage of the cash to get something I&#8217;ve wanted &#8211; but most of that money gets worked into our monthly budget and eventually used for groceries or savings or gas or debt payment, etc.  With a B&amp;N gift card &#8211; the giver is telling me &#8211; hey &#8211; I know you like to read books and I know you like to buy books &#8211; I want you to be able to do this, but I don&#8217;t know what book to get you &#8211; so here&#8217;s $25 for you to make your own selection.  That way &#8211; the money is used for something (a gift) rather than just as extra cash.</p>
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		<title>By: Aya @ Thrive</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153991</link>
		<dc:creator>Aya @ Thrive</dc:creator>
		<pubDate>Wed, 29 Oct 2008 16:49:38 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153991</guid>
		<description>I never liked gift cards anyway because it always felt like you had to spend more on something that is not even a personalized gift. You could always buy things that are cheap but look expensive or things with sentimental value that makes price insignificant. With a gift card though, you have to put at least $20 on there and any less makes you cheap but how much more do you really want to put on a gift card when you aren&#039;t sure if the recipient is even happy with it? It&#039;s also a big waste because most people don&#039;t use up the change that&#039;s left on them when its a few dollars or cents.</description>
		<content:encoded><![CDATA[<p>I never liked gift cards anyway because it always felt like you had to spend more on something that is not even a personalized gift. You could always buy things that are cheap but look expensive or things with sentimental value that makes price insignificant. With a gift card though, you have to put at least $20 on there and any less makes you cheap but how much more do you really want to put on a gift card when you aren&#8217;t sure if the recipient is even happy with it? It&#8217;s also a big waste because most people don&#8217;t use up the change that&#8217;s left on them when its a few dollars or cents.</p>
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		<title>By: Dar</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153986</link>
		<dc:creator>Dar</dc:creator>
		<pubDate>Wed, 29 Oct 2008 15:44:14 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153986</guid>
		<description>I&#039;m sad to hear that Circuit City is teetering on the brink now too.  One thing I really like about their website is the live local store inventories it displays.  That helped me find the one store--and I mean the ONE and ONLY store--in the Seattle area that still had a Wii during the height of the Wii frenzy last year.  I was able to purchase it online and have it held for pick-up, instead of having to call or run to every electronics store in Seattle in a fruitless hunt.

However, the customer service in the actual stores was less than stellar, to say the least.  There&#039;s more than once I waited at a cash register for somebody to take my money, then gave up, left the merchandise on the counter, and went elsewhere.</description>
		<content:encoded><![CDATA[<p>I&#8217;m sad to hear that Circuit City is teetering on the brink now too.  One thing I really like about their website is the live local store inventories it displays.  That helped me find the one store&#8211;and I mean the ONE and ONLY store&#8211;in the Seattle area that still had a Wii during the height of the Wii frenzy last year.  I was able to purchase it online and have it held for pick-up, instead of having to call or run to every electronics store in Seattle in a fruitless hunt.</p>
<p>However, the customer service in the actual stores was less than stellar, to say the least.  There&#8217;s more than once I waited at a cash register for somebody to take my money, then gave up, left the merchandise on the counter, and went elsewhere.</p>
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		<title>By: G</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153985</link>
		<dc:creator>G</dc:creator>
		<pubDate>Wed, 29 Oct 2008 15:38:29 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153985</guid>
		<description>California residents should note that a gift card of less than $10 can be redeemed for cash:

&quot;Notwithstanding any policy of the seller, effective January 1, 2008, a gift certificate with a cash value of less than ten dollars ($10) is redeemable in cash (not a new certificate or merchandise) for its cash value.&quot;

http://www.dca.ca.gov/publications/legal_guides/s-11.shtml</description>
		<content:encoded><![CDATA[<p>California residents should note that a gift card of less than $10 can be redeemed for cash:</p>
<p>&#8220;Notwithstanding any policy of the seller, effective January 1, 2008, a gift certificate with a cash value of less than ten dollars ($10) is redeemable in cash (not a new certificate or merchandise) for its cash value.&#8221;</p>
<p><a href="http://www.dca.ca.gov/publications/legal_guides/s-11.shtml" rel="nofollow">http://www.dca.ca.gov/publications/legal_guides/s-11.shtml</a></p>
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		<title>By: mbrogz3000</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153981</link>
		<dc:creator>mbrogz3000</dc:creator>
		<pubDate>Wed, 29 Oct 2008 15:10:48 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153981</guid>
		<description>Without LNT, BB&amp;B has one less competitor, albeit an identical competitor.  That loose coupon policy will probably go away quietly and suddenly.  

I guess I can see CC going under soon too, but I&#039;m not surprised when I find myself going to BB more that CC (that is when I actually go there now).  

All these type of stores popped up in the mid-90&#039;s anyway, so it was only a matter of time when the consumer recognized that we didn&#039;t need two different stores that sold, for the most part, identical items at the identical retail prices.  The only difference being when occasional sales (ie. $100 off a TV) would occur.  

Financially, I still don&#039;t get the purpose of a gift card.  I somewhat understand the convenience factor and how its supposed to make it look like you put some thought in to the gift.  But, with a gift card, your locking that gift-recipient into buying something they may or may not want from a specific store.  Why not give cash?  

The only benefit I see in gift cards is in a city like Pittsburgh where there is one huge grocery store chain (a &#039;Giant&#039; monopoly) which now sells gasoline.  By purchasing gift cards for just about any store at the grocery store and while using your store-advantage card, you accumulate points for a gasoline discount.  So if you need to buy $1000 in gift cards, you can buy them from the grocery store and get a $2 or so discount per gallon of gas purchased from that store-gas station (which are convienently located alongside regular gas stations).  This could also be why food prices there are more money than in NJ where there are like 3-4 major grocery store chains.

I also recognize that &#039;feeling&#039; of when you walk into a store a see how no one is there, its not tidied up, and the stocks on the shelves are low.  Or when you ask a sales associate for help and they disappear to the stockroom until you go away.  I immediately think that &#039;this&#039; store won&#039;t be around for much longer and usually I&#039;m right.  </description>
		<content:encoded><![CDATA[<p>Without LNT, BB&#038;B has one less competitor, albeit an identical competitor.  That loose coupon policy will probably go away quietly and suddenly.  </p>
<p>I guess I can see CC going under soon too, but I&#8217;m not surprised when I find myself going to BB more that CC (that is when I actually go there now).  </p>
<p>All these type of stores popped up in the mid-90&#8242;s anyway, so it was only a matter of time when the consumer recognized that we didn&#8217;t need two different stores that sold, for the most part, identical items at the identical retail prices.  The only difference being when occasional sales (ie. $100 off a TV) would occur.  </p>
<p>Financially, I still don&#8217;t get the purpose of a gift card.  I somewhat understand the convenience factor and how its supposed to make it look like you put some thought in to the gift.  But, with a gift card, your locking that gift-recipient into buying something they may or may not want from a specific store.  Why not give cash?  </p>
<p>The only benefit I see in gift cards is in a city like Pittsburgh where there is one huge grocery store chain (a &#8216;Giant&#8217; monopoly) which now sells gasoline.  By purchasing gift cards for just about any store at the grocery store and while using your store-advantage card, you accumulate points for a gasoline discount.  So if you need to buy $1000 in gift cards, you can buy them from the grocery store and get a $2 or so discount per gallon of gas purchased from that store-gas station (which are convienently located alongside regular gas stations).  This could also be why food prices there are more money than in NJ where there are like 3-4 major grocery store chains.</p>
<p>I also recognize that &#8216;feeling&#8217; of when you walk into a store a see how no one is there, its not tidied up, and the stocks on the shelves are low.  Or when you ask a sales associate for help and they disappear to the stockroom until you go away.  I immediately think that &#8216;this&#8217; store won&#8217;t be around for much longer and usually I&#8217;m right.</p>
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		<title>By: Sara</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153975</link>
		<dc:creator>Sara</dc:creator>
		<pubDate>Wed, 29 Oct 2008 14:37:12 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153975</guid>
		<description>As for AMEX and Visa gift cards, beware.  Use of these is notoriously hamstringed by hidden fees that subtract from the value paid by the gift card purchaser.  In effect, the recipient gets less than what the giver spends.</description>
		<content:encoded><![CDATA[<p>As for AMEX and Visa gift cards, beware.  Use of these is notoriously hamstringed by hidden fees that subtract from the value paid by the gift card purchaser.  In effect, the recipient gets less than what the giver spends.</p>
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		<title>By: bigpimpin</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153974</link>
		<dc:creator>bigpimpin</dc:creator>
		<pubDate>Wed, 29 Oct 2008 14:28:18 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153974</guid>
		<description>LNT was always a joke to me, anyway.  Regarding the demise of LNT: one of the problems LNT encountered was that Bed Bath and Beyond (BB&amp;B) accepts their competitors coupons, even the expired ones.  When asking LNT employees if they would accept BB&amp;B coupons, they looked at me as if I had two heads.  But, about two years ago, LNT did start accepting competitor coupons; by then it was too late because consumers became loyal to the store that provided the most options for savings.  BB&amp;B rocks!</description>
		<content:encoded><![CDATA[<p>LNT was always a joke to me, anyway.  Regarding the demise of LNT: one of the problems LNT encountered was that Bed Bath and Beyond (BB&#038;B) accepts their competitors coupons, even the expired ones.  When asking LNT employees if they would accept BB&#038;B coupons, they looked at me as if I had two heads.  But, about two years ago, LNT did start accepting competitor coupons; by then it was too late because consumers became loyal to the store that provided the most options for savings.  BB&#038;B rocks!</p>
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		<title>By: DaveD</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153973</link>
		<dc:creator>DaveD</dc:creator>
		<pubDate>Wed, 29 Oct 2008 14:17:46 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153973</guid>
		<description>I concur, the REAL lesson is to not buy into the whole gift card scheme.  Why lock someone into purchasing a gift at a specific retailer?  Why do people think gift cards are so much more personal than cash/check?!?!!?</description>
		<content:encoded><![CDATA[<p>I concur, the REAL lesson is to not buy into the whole gift card scheme.  Why lock someone into purchasing a gift at a specific retailer?  Why do people think gift cards are so much more personal than cash/check?!?!!?</p>
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		<title>By: Schizohedron</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153970</link>
		<dc:creator>Schizohedron</dc:creator>
		<pubDate>Wed, 29 Oct 2008 13:55:26 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153970</guid>
		<description>The lesson seems to be that compared to gift cards, cash is King! I guess I&#039;d feel better getting an AMEX or Visa gift card, but the most recent example of the latter that I received was issued through Wells Fargo, and who knows where they&#039;ll be in a year? Or AMEX, for that matter? I&#039;ll take dead Founders any day.</description>
		<content:encoded><![CDATA[<p>The lesson seems to be that compared to gift cards, cash is King! I guess I&#8217;d feel better getting an AMEX or Visa gift card, but the most recent example of the latter that I received was issued through Wells Fargo, and who knows where they&#8217;ll be in a year? Or AMEX, for that matter? I&#8217;ll take dead Founders any day.</p>
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		<title>By: Amber Jones</title>
		<link>http://www.getrichslowly.org/blog/2008/10/29/gift-cards-and-bankruptcy-what-to-do-when-stores-go-broke/comment-page-1/#comment-153966</link>
		<dc:creator>Amber Jones</dc:creator>
		<pubDate>Wed, 29 Oct 2008 13:28:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.getrichslowly.org/blog/?p=2134#comment-153966</guid>
		<description>I was wondering what happened to Linens and Things.  And Circuit City, really?  Wow.  I guess they have competitors that are really raking in the customers from them.</description>
		<content:encoded><![CDATA[<p>I was wondering what happened to Linens and Things.  And Circuit City, really?  Wow.  I guess they have competitors that are really raking in the customers from them.</p>
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