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Bed Bath & Beyond gift cards to expire weeks before company closes its Canadian stores

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When Ann Hull of Barry, Ontario, visited her local Bed Bath & Beyond store last week, she decided to use her $50 gift card to purchase an ice cream scooper and paper towel holder before it was too late. .

“It wasn’t what I really wanted,” she said. “It was disappointing and definitely frustrating.”

The U.S.-based Bed Bath & Beyond retail chain is in financial trouble and will close all 54 Bed Bath & Beyond stores and 11 buybuy Baby stores in Canada.

Bed Bath & Beyond Canada was licensed last month bankruptcy protection By Ontario Superior Court.

The company told CBC News that its Canadian stores are set to close next month, but customers’ gift cards and Welcome Rewards points will expire next week, March 9.

Ann Hull of Barry, Ontario used a $50 Bed Bath & Beyond gift card to purchase an ice cream scooper and paper towel holder before it expired. The retailer’s Canadian stores are set to close next month, but customer gift cards and Welcome Rewards points will expire on March 9. (CBC)

Hull said he thinks the March 9 deadline is unfair.

“A lot of people will be disappointed,” she said. “I think they should honor gift cards until the door is closed.”

Do gift cards have an expiration date?

generally, Gift cards never expire in Canada As required by state consumer protection regulations. But that rule no longer applies when a company seeks bankruptcy protection. In other words, it is up to the courts to decide whether retailer gift cards are accepted and for what period.

“Usually the judge accepts the company’s recommendation, but ultimately it’s the judge who has to approve it,” said bankruptcy attorney Jeffrey Dobbs.

Bed Bath & Beyond did not respond to questions about the March 9 deadline, but said it had been extended following the original expiration date of February 25.

Watch | Nordstrom Closes All Canadian Stores:

Nordstrom closes all Canadian stores

Nordstrom has announced that it will close all 13 stores across Canada. The company says it has been losing money every year since opening stores in Canada in 2014.

Dubs said gift card holders are fortunate to have the opportunity to redeem their cards as they join a long list of unsecured creditors to which Bed Bath & Beyond Canada owes.

“Lowest unsecured creditors usually get little or nothing.” Dabbs said he is a partner at Gehlen Dabbs Cash LLP in Vancouver.

He also said the early gift card expiration was a smart move.

“They need to set deadlines so they can say, ‘Okay, I don’t have any more obligations. I’ve covered that responsibility, and we can move on to the rest.’ .”

Bed Bath & Beyond Canada posted a net loss of $99.5 million for the nine months ending November 26, 2022, according to court documents.

To reorganize its finances in the United States, the cash-strapped retailer said it was in the process of closing 360 Bed Bath & Beyond stores and about 120 Bye Bye Baby stores nationwide.

Bed Bath & Beyond Gift Card
Gift cards generally don’t expire in Canada, but that rule no longer applies if a business seeks bankruptcy protection. (Bed Bath & Beyond)

Bed Bath & Beyond isn’t the only US retailer in trouble.Thursdays at Nordstrom expressed its intention to reduce There are 13 Nordstrom and Nordstrom Rack stores in Canada.

In a court filing, the company said Nordstrom’s Canadian operation, which was launched in 2014, has been losing money every year it has been in operation.

Spokesperson Joel Shaffer said the retailer’s gift cards will continue to be used until the end of the liquidation sale, which is estimated to last until late June.

Dabbs said the company’s gift card plan still needs to be approved in court.

spread the word

Customer Anne Hull said she only heard from Barrie’s cashier that her Bed Bath & Beyond gift card was about to expire.

“I was very surprised by it,” she said. “I think they need to be more transparent about their policies.”

Bed Bath & Beyond did not respond to questions about how it communicates information to gift card holders.

According to the Better Business Bureau, the cardholder who misses the deadline can claim the value of the card. However, they may never get the cash as secured creditors such as the big banks get the first dibs.

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