Black Friday is all about shopping for bargains, and thousands of people flocked to malls and department stores across the Buffalo Niagara region Friday in search of some sweet deals on everything from flat-screen television sets to Guitar Hero.
The anticipation of better deals this shopping weekend, coupled with bankruptcy filings by at least two major retailers, means fewer people are expected to buy gift cards. New York State Comptroller Thomas DiNapoli is advising those who do purchase gift cards to take more precautions.
Gift card spending is expected to drop 6 percent this holiday season, although they are still the most requested gift, according to the National Retail Federation. “Since gift cards never go on sale, some price-conscious shoppers will be passing up gift cards in favor of holiday bargains,” NRF President and CEO Tracy Mullin said in a statement.
“When stores declare bankruptcy, gift card sales may be suspended,” DiNapoli’s report states. “Depending on requirements established by the bankruptcy court for that individual business, the store may redeem outstanding gift cards at full value, at a discounted value, or not at all.
“Consumers who have a gift card from a store that has filed for bankruptcy should check with the store to see what its policy is concerning outstanding gift cards.”
With a large family, buying gift cards for the adults makes holiday shopping a lot easier for Town of Tonawanda resident Lori Turnbull. Her family participates in what’s known as a “pirate Christmas.”
All of the adults buy a $25 gift. Each gift gets a corresponding number, which is placed into a hat from which the adults will select to find out what gift they’ll receive.
Turnbull said she’s more careful now when buying gift cards for the holidays or birthdays. “Look at Steve & Barry’s. Everybody thought they were going strong and they filed for bankruptcy,” she said.
The Long Island-based budget clothing chain filed for bankruptcy in July and announced this week that it will close its remaining 173 stores across the country. Steve & Barry’s operates two locations in the Buffalo Niagara region, at The Summit mall in Wheatfield and the Walden Galleria in Cheektowaga.
The company’s original plan involved closing some, but not all, of its outlets. It is now liquidating $250 million in inventory at all of its stores.
Earlier this month, consumer electronics company Circuit City filed for Chapter 11 bankruptcy protection. It plans on closing 155 U.S. stores, but none locally.
DiNapoli also is urging consumers to be wary of service and dormancy fees associated with gift cards. Some gift cards that bear the logo of a major credit card company come with service fees of $4.95 or more. Others carry a fee if the card is not used within 13 months.
Sen. Charles E. Schumer, D-NY, plans on proposing legislation to limit service fees on gift cards and to keep them from expiring for at least five years.
Local News
CONSUMERS: ’Tis the season to be cautious when buying gift cards
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