Bankrupt Sharper Image Wants to Reimburse Gift Card Holders

Posted 04/13/2011 at 9:25am | by Paul Lilly

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Don't throw away your Sharper Image gift card just yet. In the coming weeks, you may be able to use it. Not for merchandise, mind you, but in exchange for cold, hard cash. Sharper Image, which is now called TSIC, wants to reimburse gift card holders almost three years after the company closed up shop. It's now up to the U.S. Bankruptcy Court in Delaware whether or not the company formerly known as Sharper Image will be allowed to pay that money back.

According to Wall Street Journal report, Sharper Image asked the court for permission to spend up to $60,000 on a media campaign to find gift card holders and let them know about the reimbursement. Sharper Image then plans to pay back up to $2,245 per gift card.

Should the claims end up totaling more than Sharper Image has saved in its piggy bank, the company then plans to distribute the funds among card holders. Those who submit photocopied proof of their gift cards will be paid back first, while those submitting an "affirmation" will be next in line, if funds remain.