Chuck Schumer wants Toys 'R' Us to cash out your unused gift cards

March 14, 2018Media Mention
CNN Money

"The music is about to stop for the iconic retailer," Schumer said in a statement on Wednesday, "and consumers could be left in the lurch." The struggling company declared bankruptcy in September. The retailer announced on Wednesday that it is closing all of its UK stores. It is expected to close its US stores for good as soon as this week.

Toys "R" Us is currently honoring its gift cards. If the company closes all of its stores, it may no longer let customers cash them in. A company's customers tend to land "pretty close to the bottom of the totem pole" in bankruptcy cases, said Brian Davidoff, a financial restructuring attorney for Greenberg Glusker.

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