Quoted from JoAnn

I got this in my email.

Home Depot closing 15 stores

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To our valued customers:
It has come to our attention that misleading information is circulating via email as part of a hoax intended to discourage consumers from buying gift cards from a number of retailers including Eddie Bauer. We want to set the record straight.
Eddie Bauer has been in business since 1920 and operates 376 retail stores throughout North America. We also have a robust online and catalog division. In our March 2008 annual report, we announced both the opening of new locations as well as the closing of some older locations as part of our normal course of business. The stores referenced were all closed in January 2008. In 2009, we will again open and close a handful of stores as part of our normal business plan.
Eddie Bauer remains committed to providing our customers with outstanding quality, value and service, now and for many years to come. Our gift cards are a great option for the holidays. You can purchase and redeem them at any of our retail stores, through our catalogs or at eddiebauer.com. We look forward to serving you this holiday season.
Neil Fiske
President & CEO
Eddie Bauer

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Comments: Don't be misled by this alert. While it's true that many U.S. companies are feeling the effects of the economic downturn and some will no doubt close locations and/or file for bankruptcy in the coming months, most of the store closures listed above had either already taken place or were planned well before the 2008 financial crisis occurred.

Which means that in all but a few cases, fears that gift cards issued by these companies may suddenly become worthless are unwarranted or premature.

That having been said, financial experts do warn that it's risky in general to put off redeeming gift cards in such volatile economic times.

With the caveat that the exact facts and figures seem to vary depending upon the source of information (and it's all subject to change in any case), here's a corrected version of the list above:


Circuit City - Filed for bankruptcy on November 10, 2008 and announced the closure of 155 stores. (source)

Ann Taylor - Earlier this year announced it would close 117 stores. (source)

Lane Bryant, Fashion Bug, and Catherine's - Nine months ago parent company Charming Shoppes Inc. announced the closing of 150 stores. (source)

Eddie Bauer - Closed 31 retail and outlet stores (in line with target number set early in the year) and opened 10 during the first three quarters of 2008. (source)

Cache - Announced early in the year it would close 21 stores and open 16 in 2008. (source)

Talbots - Closed approximately 100 stores in 2008 but is still in business and has no more closings planned. (source)

J. Jill - Owned by Talbots Inc., which wants to sell the chain but has not announced the closure of any J. Jill stores. (source)

Gap Inc. - In mid-2008 revised its projected number of store closings (including Gap, Banana Republic, and Old Navy locations) upward from 85 to approximately 115 stores for the year. (source)

Foot Locker - Projected closing 140 stores in 2008. As of Nov. 20, had closed 129 stores and opened 58 new ones. (source)
Wickes Furniture - Filed for bankruptcy in early 2008 and already closed down all retail stores. (source)

Levitz Furniture - Filed for bankruptcy in late 2007 and is still in the process of liquidating assets. (source)

The Bombay Co. Filed for bankruptcy in 2007 and announced it would close all U.S. stores. (source)

Zales - Last February announced the planned closure of 105 stores in 2008. source

Whitehall Jewelers - Filed for bankruptcy in June 2008 and is Closing all stores. (source)

Piercing Pagoda - Owned by Zales. Some, but not all, Piercing Pagoda locations were among the 105 planned closures announced by Zales in Feb. 2008. (source)

Disney - Announced in May 2008 it would close 98 stores. (source)

Home Depot - Announced in May 2008 it would close 15 stores nationwide. (source)

Macy's - Closed 9 stores in 2008. No more closings planned (source)

Linens 'n Things - Filed for bankruptcy in May 2008 and is closing all stores. (source)

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Our Commitment To You

We have learned that some misleading information about retail store closings has been
circulated via email as part of a hoax to discourage the purchase of gift cards. A number
of retailers including Fashion Bug were named in the email. We would like to take this
opportunity to set the record straight.

Fashion Bug is financially sound with 900 retail store locations nationwide, as well as
our fashionbug.com website. The recent closing of a number of Fashion Bug stores was part
of our normal course of business. Each year, we close some stores and open others in an
effort to better serve all of our customers.

As always, Fashion Bug Gift Cards may be purchased or redeemed at all locations and on
our website. In fact, Fashion Bug Gift Cards are happily accepted at more than 2,300
Fashion Bug, Lane Bryant, Catherines and Petite Sophisticate Outlet stores nationwide,
and at fashionbug.com, lanebryant.com, catherines.com and petitesophisticate.com.

Thank you for shopping with us. We look forward to serving you this holiday season.