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Good News for Holders of Radio Shack Gift Cards

Good News for Holders of Radio Shack Gift Cards - The Beacon

09-2015

By: Jackie

Good News for Holders of Radio Shack Gift Cards

Earlier this month, your BBB® learned that a bankruptcy judge gave approval to a settlement reached last month with Attorneys General of 24 states and the District of Columbia and RadioShack. According to the Press Release, the attorneys general filed the lawsuit to ensure that consumers holding an estimated $43 million in unredeemed gift cards would be able to be reimbursed. In a statement released last month after the agreement was reached, Texas Attorney General Ken Paxton, whose office filed the lawsuit, said, “This is a victory for consumers in Texas and nationwide who spent their hard-earned dollars on these gift cards with full confidence that the company would honor them. I’m pleased that their voices were heard, and that, if approved next month by the bankruptcy court, they’ll get their money back with a minimum of bureaucratic red tape.”

According to the settlement agreement, RadioShack gift cards purchased in-store or at other retailers will be given priority status meaning those claims would be paid ahead of other claims. However, merchandise returns and promotional gift cards that do not qualify as priority claims under bankruptcy laws will be paid as general unsecured claims and will likely not receive full payment.

An additional agreement is still being negotiated which would allow all holders of RadioShack gift cards to redeem their cards at RadioShack stores run by General Wireless, which purchased 1750 stores out of the bankruptcy.

Consumers who purchased gift cards that have not been redeemed and whose email addresses or mailing addresses are part of RadioShack’s records will get a notice with instructions on how to file a claim. Alternately, consumers may file a claim online at www.oldradioshackgiftcard.com. Consumers have 12 months to file a claim.

For more information you can trust, visit bbb.org/evansville.

 

Posted 9/30/2015. While the BBB endeavors to provide accurate information to the public, changes in the law, facts or circumstances may have occurred since the foregoing was posted. The BBB recommends doing independent research and consulting professional advisors concerning a particular situation.

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Jackie

Jackie is the Operations and Education Foundation Assistant with the BBB. She assists consumers with business inquiries, and does presentations to senior groups and high school students. She is a regular contributor to the blog.