Sharper Image has announced bankruptcy and reports say that any outstanding gift cards won’t be honored. We talk about gift card pitfalls every December, and while the cards are great, you really have to watch out for things like dormancy fees that sap the value if you don’t use them quickly.

One of the guys in our PR department has $100 worth of Sharper Image gift cards from Christmas and put in a quick call to one of the local stores to find out his options. According to the clerk, Sharper Image can’t accept the cards until the bankruptcy hearing on March 19th. At that point, a judge will decide whether the cards are valid. So, even though you can’t use them now, don’t throw the cards out because they may be good in a few weeks.

In the meantime, check out my tips on how to complain effectively.