Quote:
Originally Posted by LIforrelaxin
This would indeed be a major bummer..... Never having had to deal with it, one wonders if a business closes, and gift certificates are still outstanding, are they responsible for refunding the money???? When I say this of course I am think of the situation where a business owner simply decides to shut the doors. Obviously if there is a bankruptcy etc. things are completely different.
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When my wife and sister closed their yarn shop, their lawyer told them that they had to honor all gift certificates, even after the business closed. Fortunately for them, they had a record of who bought them, and they were able to contact them. They ended up not having any outstanding ones. They were not in bankruptcy (I sure felt that way
), which I'm sure puts a whole new wrinkle in the works.