So Many Companies are Filing for Bankruptcy…..How Will this Affect Me Personally?

As a tried and true consumer at your favorite store, you may find yourself feeling a sense of general loss…

With so many companies like J Crew, JC Penney, California Pizza Kitchen, and more filing for bankruptcy, it is easy to find yourself asking how it will affect you as an individual. As a tried and true consumer at your favorite store, you may find yourself feeling a sense of general loss, but there are things that you should know.  

On the bright side, you will probably see deep discounts for stores that are closing.  This can mean it’s a good time for you to buy more merchandise. Consider using up all your old gift cards to that store as soon as possible.  Usually they will expire by a certain date once they have filed for bankruptcy, and you will be informed in some way that they will become inactive after a certain date.

Often times you will find that “all sales are final” when a company files for bankruptcy, so be sure you are buying something you want to keep.  This means you probably won’t be able to return that item that you absolutely thought you needed but then realized you really didn’t.

Lastly, don’t be surprised if your favorite store location closes permanently.  Often times restructuring dissolves certain locations and you may go to your favorite store one day only to realize it no longer exists.