Doesn’t Brookstone stand to make money on this venture? They’ll gather the Sharper Image cards and store them until Sharper Image emerges from bankruptcy. (Isn’t it the case that this is a bankruptcy to reorganize, not to dissolve?) They’re basically having a 25% off sale, and taking in gift cards for later use. Genius . . . .
The SI cardholders are unsecured creditors, and they are always the first to be wiped out in a bankruptcy. They may be offered a coupon good for say, 20% off purchases, though I suspect that SI will end up liquidating..