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re: TGI Fridays filing bankruptcy - $50 million in outstanding gift cards that don't expire
Posted on 11/8/24 at 9:57 am to MikeHoncho47
Posted on 11/8/24 at 9:57 am to MikeHoncho47
quote:Uncle Moe's Family Feedbag
what’s the name of that restaurant with all the goofy shite on the wall and the mozzarella sticks
0
Posted on 11/8/24 at 10:02 am to Shexter
Posted on 11/8/24 at 10:06 am to teke184
quote:
It still sits as a liability on the sheets because they have to honor it if it ever shows up but the percentage of them showing up will be extremely low.
This is why you still have to have some expiration date. We use December 2049 and that is plenty of time to get used and then let us clear if off the books
Posted on 11/8/24 at 10:10 am to Shexter
Restaurant chains get bigger and bigger, take on more and more bloat. Then they crash.
Tale as old as time.
Tale as old as time.
Posted on 11/8/24 at 10:13 am to Shexter
TGI Fridays is great if you like the feel of a mid tier corporate hotel chain's restaurant, but with worse service.
Posted on 11/8/24 at 10:13 am to Giantkiller
quote:
Restaurant chains get bigger and bigger, take on more and more bloat. Then they crash.
Happening to Chuy's right now.
Posted on 11/8/24 at 10:14 am to Shexter
Chapter 11 will get them out of this liability, I think.
Posted on 11/8/24 at 10:15 am to CatfishJohn
quote:
Chapter 11 will get them out of this liability, I think.
yup
Posted on 11/8/24 at 10:18 am to Eighteen
quote:
Gift cards are the biggest scam ever invented
Turning currency that can be used anywhere to currency that can only be used in one specific place…just because that’s a “better” gift
I tend to agree except in the situation that you want to give someone a specific gift, but you know that person can pick out what they want better.
For example, my wife really wanted to give me a new driver for golf, but didn't know her arse from a hole in the ground about golf, so she gave me $500 to Golf Galaxy. I know I could just spend that money myself but she wanted to make sure I'm spending on something specific I want and don't need.
Or if a parent doesn't want to give a kid cash because they'll just go buy a case of beer so they give them a gift certificate somewhere.
Posted on 11/8/24 at 10:27 am to Shexter
So I know someone who is an exec for the bank that handles most of the gift card back end banking services.
Gift cards are damn near a scam when you see the data of the volume that are never cashed in or used.
Gift cards are damn near a scam when you see the data of the volume that are never cashed in or used.
Posted on 11/8/24 at 10:32 am to Mid Iowa Tiger
quote:
damn near a scam
can’t really call it a scam if it’s 100% redeemable but people are too lazy to do it, using that logic, fitness clubs are a scam
Posted on 11/8/24 at 10:38 am to Shexter
quote:I think its safe to assume that any gift cards older than a decade were lost and won’t ever be redeemed.
eight-figures worth of gift certificates—some of which date back to 2003
quote:Why would they have not use some sort of escrow for that money? Park the money in an interest bearing account somewhere and withdraw to reimburse franchisees as the gift cards get redeemed
TGI Fridays’ franchisees rely on the corporation to reimburse them for redeemed gift cards. While the chain isn’t expecting all gift card holders to cash in on free burgers and fries, there’s real concern among franchisees that the company will be unable to scrounge together the funds
This post was edited on 11/8/24 at 10:39 am
Posted on 11/8/24 at 10:54 am to StTiger
Friend,
Gift cards are essentially slavery for your money. There is rarely a good reason to buy a gift card. Never is that reason a gift to someone. Gift card gifts are the most tacky of gifts. Although I can never see myself giving cash as a gift, cash would be an infinitely better gift than a gift card.
The only time it is reasonable to purchase a gift card is when you can get that gift card at a discount. For instance, last week I was able to purchase from Sam’s Club a $500 valued gift card for Southwest for $429, a savings of 14%. If I am planning a trip to Golden Corral, which is rare these days, I may also buy a gift card from Sam’s, which is normally sold at 20-25% off its face value. In both instances I would buy only if I have plans to use it immediately. I have already purchased a flight for Mother and me with my Southwest card, which has a balance of zero now.
Yours,
TulaneLSU
Gift cards are essentially slavery for your money. There is rarely a good reason to buy a gift card. Never is that reason a gift to someone. Gift card gifts are the most tacky of gifts. Although I can never see myself giving cash as a gift, cash would be an infinitely better gift than a gift card.
The only time it is reasonable to purchase a gift card is when you can get that gift card at a discount. For instance, last week I was able to purchase from Sam’s Club a $500 valued gift card for Southwest for $429, a savings of 14%. If I am planning a trip to Golden Corral, which is rare these days, I may also buy a gift card from Sam’s, which is normally sold at 20-25% off its face value. In both instances I would buy only if I have plans to use it immediately. I have already purchased a flight for Mother and me with my Southwest card, which has a balance of zero now.
Yours,
TulaneLSU
This post was edited on 11/8/24 at 10:57 am
Posted on 11/8/24 at 10:56 am to Shexter
quote:
Restaurant chain TGI Fridays is experiencing a severe case of the Mondays.
That is a great opening line.
Posted on 11/8/24 at 12:52 pm to TulaneLSU
quote:
I have already purchased a flight for Mother and me with my Southwest card, which has a balance of zero now.
Where will you and mother be going?
Posted on 11/8/24 at 1:16 pm to CBandits82
quote:Be at the Sonic on Perkins in 15 minutes for your order of pistol-whip.
Shenanigans
Posted on 11/8/24 at 1:17 pm to StTiger
quote:
If they had better food, probably could have gotten more people to use their gift cards
No joke. I got a TGIF gift card from some distant family around 15 years ago. I tried to give it my brother but he didn't want it, my Mom didn't want it either. I finally gave it to some poor nutty lady that works at the gas station near my Mom's. Wonder if she ever used it.. They're in for a treat if she comes in.
Posted on 11/8/24 at 1:30 pm to Shexter
This is a nice BS excuse to kill a company and sell it for parts when everyone damn well knows that 3/4 of all gift cards get forgotten about or lost in the first 3 months a person has them.
Posted on 11/8/24 at 1:31 pm to GetBackToWork
quote:This thread is reminding me to use my Chotskie's gift cards.
They lost their flair.
Posted on 11/8/24 at 1:41 pm to Fun Bunch
quote:
They aren't cashing on in Free anything
it was paid for.
Absolutely. When I was guiding, one of the best things ever was to sell gift certificates for guide trips. I would tons of them at Christmas to wives who bought their husbands trips as a gift. I would honor them for a year but less than 50% of them would ever call me and set up a trip.
One year, I sold almost 10K worth of certs in December and less than half of them evert contacted me.
Gift cards and certs are always best for the sellers.
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