4 Ways Big Retailers Going Under Will Affect You

Online giants and all-in-one-shop-stops have brick and mortar crumbling. Jared Cotter is talking with consumer expert Lisa Lee Freeman. She has four big ways retail bankruptcy affects you and what you can do about it.

1.  Gift Cards

Don't buy any new ones. Even if they're tempting to buy because you find them on a discount online. Once bankruptcy is filed companies don't necessarily have to honor the value of the card.

2.  Layaway

Lisa Lee wouldn't’t recommend pulling out of the deal, because there is probably going to be a penalty, but just like gift cards, any value you've already put toward your items could be lost.

3.  Warranties

Look in the fine print and see if it would be honored if the retailer goes out of business. If yours is issued by a third party, you should be okay, but Lisa Lee says warranties are generally not worth it at all.

4.  Going Out of Business Sales

Just assume everything is final sale and be sure to buy with credit, not cash or debit. This is even more important when shopping online.

What's the one store you hope never goes under and why? Join the conversation!

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