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When a Business Declares Bankruptcy, What Happens to its Customers with Unused Credit?

In early 2015, long-suffering retailer RadioShack filed for Chapter 11 bankruptcy. As part of the bankruptcy protection deal, it agreed to sell a significant portion of its stores to Standard General, a major shareholder that plans to continue to operate them as RadioShack-branded stores with Sprint shops within them. The remaining stores will be sold. This is coming after 11 consecutive quarters of posting losses. Along with the auction and purchase of the company by Standard General and closure of thousands of RadioShack stores, many consumers who have unused gift cards found themselves shortchanged.

These customers will be taken care of. Individuals who have unused RadioShack gift cards can redeem them for money at www.oldradioshackgiftcard.com. Customers who have unused credit at the store were given first priority in the company's bankruptcy proceedings, as ordered by the bankruptcy court. If you have an unused RadioShack gift card or other questions or concerns about unused credit with this or another bankrupt retailer, speak with an experienced bankruptcy attorney to have your questions answered.

What Will Happen to RadioShack?

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