RadioShack will pay cash for your unredeemed gift cards
Still holding onto that RadioShack gift card you got for Christmas two years ago? Well, dig it out. It may be worth something again.
RadioShack, which filed for bankruptcy in February, has tentatively settled with the Texas attorney general’s office concerning a case that was filed to protect the holders of nearly $46 million in unredeemed gift cards to the folded outlet, according to CNBC.
Attorneys put in place a new plan for some gift card holders to be repaid in full for any outstanding balances on RadioShack gift cards. The plan doesn’t apply to everyone though. Some gift card holders will only get pennies on the dollar, if anything.
Those who purchased cards for themselves or someone else, or reloaded an existing card, will get top refund priority, while those whose cards are from promotional giveaways or from a merchandise return will not be covered by the deal. Such gift card holders would be added to the list of general unsecured creditors.
The deal still has to be approved by the court and various attorney general, and once confirmed, RadioShack (RSH) and the attorneys will need to put in place a system for claim submissions, the report said.