Ever since former electronic chain RadioShack declared bankruptcy, the fate of unredeemed gift cards was in limbo, until recently, that is.
A recent decision from the bankruptcy court will offer holders of unredeemed gift cards the opportunity to redeem their cards for full cash value. This decision was supported by 23 states in total, including our home state of Florida. With millions of dollars in unused gift cards, this is certainly a big win for consumers, and will hopefully also set a precedent for future settlements in other retail bankruptcy cases.
How to redeem your unused RadioShack gift card
Consumers in possession of an unredeemed RadioShack gift card will be able to easily file a claim for a full refund by visiting www.oldradioshackgiftcard.com. Cards purchased both in-store and from other retailers will be eligible for a refund, as long as the claim is filed within a 12-month period.
Any merchandise returns, along with certain promotional gift cards, may not be eligible for a full refund, however. It has been stated that any claims that do not qualify as “priority” claims under the applicable bankruptcy law will not receive full payment.
Additionally, RadioShack will contact all consumers who are known to possess a gift card either via email or postal address. The notification will include an explanation of how to file a claim, as well as any other options consumers may have. An ad campaign is also planned in an effort to make consumers further aware of the claims process.
Stay current with the Kelley & Fulton blog for the latest information about bankruptcy law and any relevant bankruptcy happenings in your area. If you are currently involved in bankruptcy yourself, we invite you to contact us today and schedule a meeting with an experienced bankruptcy lawyer in West Palm Beach.