Update 9/12/20: J.Crew has now emerged from bankruptcy after converting more than $1.5 billion of debt to stock, so the company is safe for the time being. That doesn’t necessarily mean their long-term prospects are particularly solid, but at least it means their gift cards will still retain their value for now.
Update 5/4/20: J.Crew has now officially filed for bankruptcy. That doesn’t mean their gift cards are worthless because they’re still in business, but use caution if buying more cards.
Reports are coming out that J.Crew is preparing to file for bankruptcy as soon as this weekend. While that doesn’t mean that their gift cards are immediately worthless, if you’re currently holding any of them for personal use or reselling, it might be worth trying to unload them ASAP just in case the business suddenly goes under.
They were in financial trouble beforehand and I can’t believe their business will get back to previous levels even if everything reopened around the country which it isn’t.