You need to be careful the gift cards will be honored after the holidays.
Stores who are planning to close after Christmas are still selling gift cards through the holidays, even though the cards will be worthless January 1.
There is no law preventing them from doing this, it is referred to as 'Bankruptcy Planning'.
Below is a list of Store Fronts which will be closing, I am sure there will be more, if you know of any, please let me know and I'll add them to the list:
Watch out for:
Circuit City (filed Chapter 11)
Companies Closing # of stores fronts
Ann Taylor- 117 stores nationwide closing
Disney closing 98 stores and will close more after January.
Eddie Bauer to close stores 27 stores and more after January
Ethan Allen closing down 12 stores.
Footlocker closing 140 stores, more to close after January
GAP closing 85 stores
Home Depot closing 15 stores, 1 in New Brunswick, NJ
K B Toys closing 356 stores
Lane Bryant, Fashion Bug ,and Catherine's to close 150 stores nationwide
Macys to close 9 stores after January
Pep Boys Closing 33 stores
Sprint/Nextel closing 133 stores
Zales closing down 82 stores and 105 after January
Some store fronts Closing:
Dillard's - some stores closing
JC Penney closing a number of stores after January
Loews - some stores closing
Wilson Leather - some stores closing
All Store fronts Closing:
Bombay - All stores closing
Cache - All stores closing
Levitz - All stores closing
Linens and Things - All stores closing
Movie Galley - All stores closing
Piercing Pagoda - All stores closing
Sharper Image - All stores closing
Whitehall - All stores closing
Wickes Furniture - All stores closing
Talbots is closing down specialty stores
- J. Jill - All stores closing (owned by Talbots)
- Pacific Sunwear - All stores closing (owned by Talbots)
More information can be found at Snopes.com