Update 4/11/18: The Toysrus site now shows an end-date of April 21st for using Toys R Us gift cards. The website has shut down so you’ll have to go in-store.
Toys R Us has filed for bankruptcy and is in process of being liquidated. After 70 years in business, the iconic retailer is set to close out U.S. operations before the end of the year.
USAToday clarified with a Toys R Us spokesperson via email today that all gift cards will continue to be valid for 30 days. Gift cards should continue to work through April 13th. Be sure to use all your gift cards up by then. Use them sooner rather than later since you never know what kind of stock will remain in the stores as they continue depleting their inventory.
Senator Chuck Schumer wants Toys R Us to redeem all unused gift cards for cash. Legally, gift cards are unsecured debt without any special consumer protection. I’m not sure why gift card holders wouldn’t then be given a piece of whatever pie is available, like any other debtor. Maybe someone can file court proceedings for consideration which isn’t likely due to each individual’s small amount of debt holdings.
There’s currently almost half a million dollars worth of Toys R Us gift cards on the second-hand exchanges, as shown on Giftcardwiki. Discounts are up to 25% and will likely rise as businesses and consumers trying liquidating what they can.
View Comments (10)
Some sources are saying April 13th is the last day to redeem GC's. Others are saying April 21st. There is a sign on the registers at my local store that says April 21st. Also Toys R Us website FAQ says the 21st.
Why do you think D-Day is the 13th??
It's showing April 21st on the Toysrus site, let me update this post. https://www.toysrus.com/cobrand/help/liquidation-going-out-of-business-faqs
Because that was the original date given, it seems Toys R Us has now extended it until the 21st.
Bed Bath & Beyond is still accepting (albeit at a discount) Toys R Us gift cards until April 5, 2018.
Is Babies R Us included in bankruptcy too or they staying?
Included AFAIK
Realistically I don't think they'll be any "pie" left for gift card holders. In its filing, Toys R Us debt exceeded its assets by over $1 bln. And as unsecured debt, gift card holders are near the end of the line of creditors
I wonder if the creditors will file for an injunction on this.
was a profitable brand to resell, I was really hoping someone big like Amazon will come in and buy the business
When gift card trading becomes like options trading... it will be interesting to see what happens to prices!