We can only hope that theyвЂ™ll find a way to pay back the debts from the sale of their current inventory, but for now, the CEO says he hasnвЂ™t found a way to make that happen. In the end, we wish best of luck to anyone is owed money from them. ItвЂ™s a bit odd that they are defaulting on their debts to sellers since youвЂ™d think that the sale of the cards should more-or-less let them break-even and pay their sellers, but I guess thereвЂ™s an issue here of snowballing debt from overhead costs or interest charges on loans they took. This makes sense since theyвЂ™ll have to liquidate whatever merchandise they have left. Yet, when attemptingВ a purchase, it seems to allow it. When you go to the site itself and attempt a sale, the system shoots up with an alert that they arenвЂ™t accepting sales or purchases. I would like to thank you for trusting us withВ your business and regret that we were not able to send you payment for the cardsВ you sold to us. If this circumstance changes, you willВ receive further communications to ensure you are properly advised. While I have pursued all efforts to find a way to pay theДЄmounts owed to you, or to have another company in the secondary gift cardВ industry assume and pay the obligations owed to you as part of a transaction, at thisВ point my efforts have not been successful. I am sure you are wondering what will happen to the debt owed to you byВ . Without access to our operating account, we had no choice but toВ shutdownвЂ¦As soon as it became clear we could no longer operate, we stopped accepting newВ gift cards and have since returned all unprocessed gift cards to the respectiveВ suppliers. With thatВ judgment, they placed a hold on our business bank account, depleting all the fundsВ in our account. Our company was forced to shut down last week when aВ lender to the company (with whom we have been trying to negotiate a temporaryВ forbearance) went to court and got a judgment against our company. Unfortunately, I regret to inform you that has closed downВ effective July 15, 2016. You are receiving this letter because you or your company sold gift cards toВ recently and are awaiting payments on those gift cards. In a letter toВ gift card bulk suppliers today, Kwame Kuadey,В CEO & Founder ofВ said: The letter goes on to say that those who sold cards to the site recently and are still owed money probably wonвЂ™t be paid since the bank accounts got frozen due to litigation. Via Willrunformiles, thereвЂ™s a letter that was sent out from the CEO of Giftcardrescue to sellers indicating that the site has closed down as of July 15, 2016. Over the past year or two, many have been having problems with their site paying out, and some blogs even warned against using their site.

The siteВ rose to prominence when featured on SharkTank a good few years back.В Although the deal brokered on the show didnвЂ™t pan out, they became one of the original, well-known exchanges. The GiftCardRescue gift card exchange site is shutting its doors.

Gift card rescue