If you have a gift card for KB Toys, shop now. The Washington Attorney General’s Office was notified by legal counsel for KB Toys, Inc., that the company is liquidating its stores and will no longer accept gift cards or store credit after Sunday, Jan. 11.
KB Toys stores and KB Toys.com operate as separate businesses. Gift cards purchased from stores can’t be spent online, according to a notice on the KBToys.com site.
KB Toys has three stores in Washington: Centralia, North Bend and Vancouver.
Gift cards bought from KBToys.com can be replaced with an electronic gift certificate that can be used for online purchases, according to this notice. The site doesn’t specify when those certificates expire. KBToys.com is a subsidiary of The Parent Company, which also filed for Chapter 11 bankruptcy.
Under Washington’s gift card law, gift cards and gift certificates sold by retailers generally never expire or carry expensive maintenance fees. If a company files for bankruptcy, however, it’s up to the court to decide which financial obligations are honored. (Washington’s law doesn't apply to VISA and Mastercard gift cards that can be used anywhere.)