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Sharper Image Will Take Gift Cards - With A Catch

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Mar 7, 2008 10:25 am US/Central

Sharper Image Will Take Gift Cards - With A Catch

SAN FRANCISCO (CBS) ― Sharper Image Corp. said Thursday that it would immediately resume honoring gift cards and other vouchers that were suspended last month when the company filed for Chapter 11 bankruptcy.

The luxury retailer said it would redeem gift cards issued before it sought bankruptcy protection on Feb. 19 if customers use them in full during one transaction and apply them toward items costing double the value of the cards.

In a statement, the company explained that a customer holding a $25 gift card could only use it to buy at least $50 worth of items.

Shaper Image said customers could also hold onto their cards in case it could accept them in the future without any restrictions.

"While not a complete solution, it does provide immediate satisfaction to customers on a voluntary basis, Chief Executive Robert Conway said.

Sharper Image announced late last month that it was temporarily suspending the acceptance of gift cards, which is typical of businesses engaged in Chapter 11 proceedings. Companies count gift cards as loans, and gift card holders are unsecured creditors on their books.

On March 5, the retailer asked a bankruptcy court to approve the hire of a liquidator to run store-closing sales at half its retail locations.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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