Borders gift cards worthless according to new ruling
If you're one of the many people who didn't spend your Borders gift cards before the bookstore went under, you're out of luck. A judge has ruled that Borders gift cards are worthless despite the fact that there is reportedly $210.5 million of unredeemed money floating around out there.
Borders filed for bankruptcy and closed in 2011, and a Manhattan federal judge has now determined that it would be "unfair to other creditors of the former Borders Group Inc to let gift card holders pursue recoveries from the bankruptcy estate," Reuters reports. About 17.7 million gift cards were reportedly outstanding when Borders closed its doors.
This decision upholds a similar one made in August 2012. The judge ruled that forcing Borders' other creditors to pay up for the unredeemed balances "could upset liquidation by Borders' bankruptcy trustee that is already 'substantially' completed," Reuters says.
So, if you do have one of those cute little cards lying around somewhere, at least you can look at it fondly for memory's sake -- or try to sell it as a collectible.