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Unused Borders Gift Cards Deemed Worthless

For those of you who still had old, unused Borders gift cards lying around, you’re not in luck. According to the LA Times, a judge ruled last month that old Borders gift cards could not be redeemed.

Borders filed for bankruptcy in February 2011 and shut its doors later that year. Soon after, a few customers filed a lawsuit, claiming customers did not get enough notice about the closure to use their gift cards in time. Though a claim deadline had been printed in The New York Times and Wall Street Journal, they claimed the average person wouldn’t have necessarily read those articles.

Although there’s an estimated $210.5 million worth of unused Borders gift cards out there, a Manhattan federal judge determined that issuing all of that money to former customers wouldn’t be fair to creditors of the Borders Group, especially since the bankruptcy and liquidation is already complete. The judge upheld last year’s ruling of a U.S. bankruptcy judge.

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