Did Giftco Inc. Close its' Doors or j...

Did Giftco Inc. Close its' Doors or just a Department?

Posted in the North Chicago Forum

First Prev
of 2
Next Last
Communityvolunte er

Roscoe, IL

#1 Mar 19, 2009
I volunteer at 2 ofmy kids schools and want to sqash any gossip before it goes to far. So and so told their sisters cousin that Giftco Inc. a local business was closing its doors. Now I have used their products and services in fundraising for my kids schools - will be ableto do this in the future?? or are they only shutting down part of the company??
Help - concerned Mom
Mom26

Ocala, FL

#2 Mar 19, 2009
Giftco completely shut down yesterday and will not reopen. They filed for Ch 11 bankruptcy in January, but could not get needed financing from the bank and abruptly shut down yesterday. If your school's fundraising representative uses their products, then, no, you will not be able to use the same line. However, if your fundraising representative uses other sources, then I'm sure he will provide an alternative. We use Signature Fundraising, and they import their own products, many are the same that Giftco uses. Maybe they have a rep in your area?
fundraising source

Boston, MA

#3 Mar 20, 2009
What this means for you and your organization is that when you are choosing a fundraising company, it will be in your absolute best interest to ask them how effected they will be by the closing of this major company. Some fundraising companies rely heavily on GIFTCO products while others source their own items through a 3rd party manufacturer and will be minimally impacted by this terrible event. As a school, you may have already committed to using a fundraising company who gets items from GIFTCO. You and your supporters will be at risk for not receiving these products. Be careful of companies who tell you they can reproduce the giftco product!

Some companies are more effected then others...please contact your fundraising company or fundraising representative to find out more.
Communityvolunte er

Roscoe, IL

#4 Mar 20, 2009
Communityvolunteer wrote:
I volunteer at 2 ofmy kids schools and want to sqash any gossip before it goes to far. So and so told their sisters cousin that Giftco Inc. a local business was closing its doors. Now I have used their products and services in fundraising for my kids schools - will be ableto do this in the future?? or are they only shutting down part of the company??
Help - concerned Mom
Thank you Mom26 & Boston for your input!! will check into your great information.
fundraising source

Longmont, CO

#5 Mar 20, 2009
I actually don't have any clue what i'm talking about.
DBNC

Waterford, MI

#6 Mar 20, 2009
Make sure you double check with your local fundraising company before jumping to conclusions. While Giftco had a large impact on a lot of fundraising companies, there are many other companies that still offer the same products. Call your fundraiser first!
David Hammon

Denver, CO

#7 Mar 21, 2009
I con confirm that on March 18, 2009, Giftco Inc. did not receive their bank financing as was forced to close their doors at 12:00 p.m. Since 1975, Giftco Inc. has been the leading supplier and importer of goods to the fundraising industry.

As co-founder and president of Believe Kids and the Believe Group, I personally want to extend my deep regrets to the leaders, partners, employees and dear friends at Giftco. Over the last few years, they worked very hard to get their financial metrics to the right place with some very positive results. Unfortunately, the current economic battlefield is very cruel and unforgiving.

However, I do firmly believe that there are many, many positive things that can come from the untimely demise of the largest import provider to the fundraising industry. The fundraising landscape has and continues to morph and consolidate. Ten years ago, there were over 1,200 fundraising companies across America. With this latest news, this number will, most likely, be reduced from today's approximate 250 to less than 100 over the next year.

We are fortunate at Believe to have so many great visionaries, mentors and board directors that have helped us see what the potential future held, which has allowed us to prepare for this day. To this statement, we were already in discussions with all of Giftco's suppliers overseas over the last month while releasing our Fall 2009 catalog with a very diverse vendor base. We strongly felt that it was a possibility that Giftco could fail as far back as two years ago. That is when our journey began to diversify and become independent as it related to catalog development, product selection, and product fulfillment.

Consequently, while we are very sorry to see one of our long time partners go, we will not miss a beat. If anything, this will help us to obtain better pricing in many areas, which we will use to improve product quality and reduce retail prices. I know parents, family members and all others supporting education will appreciate and welcome this change. Schools need more money than ever and the fastest growing fundraising company in America will continue to charge forward!

We strongly believe that we can help shape the future of external funding for America's schools over the next ten years. We are here 'For the Future of Education!'

If any PTO, PTA, or fundraising company affected by this news would like to discuss opportunities or have questions answered, I am here to help.

David Hammon
Believe Group - Believe Kids
President
www.BelieveGroup.org
www.BelieveKids.com
Communityvolunteer wrote:
I volunteer at 2 ofmy kids schools and want to sqash any gossip before it goes to far. So and so told their sisters cousin that Giftco Inc. a local business was closing its doors. Now I have used their products and services in fundraising for my kids schools - will be ableto do this in the future?? or are they only shutting down part of the company??
Help - concerned Mom
Fundraising in the USA

San Antonio, TX

#8 Mar 23, 2009
I would have to agree on that note, there are many fundraising companies that have relied soley on Giftco's catalogs, etc. There are also many things to be learned and gained from Giftco's tradegy....BUY AMERICAN and don't use Fundraising companies that import junk from overseas and sell it to you and I for a huge markup because they tell you its for a good cause.
I would also like to point out that because of today's economy it is VERY IMPORTANT that we choose a fundraising company that promotes the USA and doesn't import products (also known as junk) made outside of the US.
We've worked with RESULTS FUNDRAISING ( www.ResultsCompany.com ) for well over 5 years now and they have done nothging but grow! Maybe that's because they produce all of their products in-house right here on American soil. To offer a broader selection of fundraising products they too have offered Gifco products, but did not rely on them whatsoever.
If you are an individual, small organization or large group....please do everyone a favor and check out www.ResultsCompany.com - 75% profit!!!
Thanks,
Bob Heard
PS - They're also give everyone the same amount of attention, whether you are 1 person rasing money for your People to People Student Ambassador trip or an entire elementary school.
Questions

Ocala, FL

#9 Mar 23, 2009
Funny, Results Fundraising's website features the Cooks Collection, almost fully imported from China and completely sourced from Giftco. The only programs that offer 75% are their savings cards.
Que

San Antonio, TX

#10 Mar 24, 2009
Funny, you can't read....as I clearly stated -
"To offer a broader selection of fundraising products they too have offered Gifco products, but did not rely on them whatsoever."
The point was that almost everyone at some point has a relation with Giftco in the fundraising industry...whether supplier or customer. But there are still very good companies available to do business with that were smart enought to put there eggs into different baskets :)
I happen to work with many local groups here in Texas and have been very happy with using Results Fundraising because they provide me with products that I can sell to an individual or a large group.

Do they offer 75% Profit? Yes they do...on three different Discount Card "programs"!

Do they also offer 50% Profit? Yes they do on their Custom Luggage Tag Fundraiser!

Do they make their Custom Discount Cards right here in the US? Yes they do!

Do they make their Custom Luggage Tags right here in the US? Yes they do!

ignarus est bliss
Susan from NY

Ravena, NY

#11 Mar 29, 2009
Hey guys and gals, Stop the slinging....looks like these posts are for profit!!! It stinks and I feel really bad for Giftco's employees. There are still many companies out there who do not rely on Giftco, like all the Nationals, Cherrydale, Innisbrook, Sally Foster, and some regionals...quite a few mom & pop local companies will be pushing more frozen...the bottom line is, it is all for the good of the kids, so stop bickering, and do your research. Good Luck
The Highlighters

Las Vegas, NV

#12 Apr 8, 2009
What do you expect? Place your order in February and take delivery in July-August and not pay until December 20th?

Has Giftco really closed there doors? They are still shipping product,(bet you did not know that) we just got an order again this week. How do we do it? We had such a good relationship with customer service, we know which emails work. You must pay with credit card, give them your UPS shipper number and walla! it's on its way.

PK
Eric

New York, NY

#13 Apr 15, 2009
There appears to be a lot of conflicting information floating around in here about Giftco. Some seem to suggest it is bankruptcy (either Chapter 11 or Chapter 7). Yet, there appears to be no bankruptcy filing pending in the State of Illinois for a "Giftco." There is one in DE for New Goodys Giftco LLC but I'm told that's a whole different company based in VA that distributes giftcards. Others in here suggest that Giftco closed its doors on 3/18 and let all their employees go, while another says there still shipping to them as of 4/8. In the interim, no one appears to be answering the phone at Giftco's general phone numbers. Does any one have this story straight and reliable? And, if there was a bankruptcy filing, where was it filed (case number)??
employee

Elmhurst, IL

#14 Apr 17, 2009
giftco has closed it's doors but we are also shipping merchandise. contact your salesperson to give you further details on the list of items available
Fundraiser

Los Gatos, CA

#15 Apr 23, 2009
The Highlighters wrote:
What do you expect? Place your order in February and take delivery in July-August and not pay until December 20th?
Has Giftco really closed there doors? They are still shipping product,(bet you did not know that) we just got an order again this week. How do we do it? We had such a good relationship with customer service, we know which emails work. You must pay with credit card, give them your UPS shipper number and walla! it's on its way.
PK
I'd be grateful if anyone could email me ([email protected]) their contact info for order placing at Giftco as I just finished a school-wide fundraiser using their prize program!
Profits Plus

Baton Rouge, LA

#16 Apr 24, 2009
Please Help! I need prizes for 5 schools. If anyone can give me information on how to get in touch with someone at Giftco.....I would be forever grateful!!
Profits Plus

Baton Rouge, LA

#17 Apr 24, 2009
I need Giftco prizes....HELP.....cynthiacott [email protected]
Profits Plus

Baton Rouge, LA

#18 Apr 24, 2009
Profits Plus wrote:
I need Giftco prizes....HELP.....cynthiacott [email protected]
My email address is [email protected]
vendor of Giftco

United States

#19 Apr 29, 2009
Giftco claims to have filed an Assignment for the Benefit of Creditors which is not a bankruptcy. The fact that they are still making money and not paying their vendors is a testament to their business practices.

Schools should find a more worthy company to give their money to.
knows a little

Lake Zurich, IL

#20 Apr 29, 2009
Giftco (not owned by Giftco anymore) is doing a selloff. They are selling everything in site to pay the rest of the bills. There is still a lot of old merchandise in their warehouse. Since the bank or trust now owns Giftco...they are mainly concerned about getting money to pay the loans. It is even more sad that all of the terminated employees are still owed money from the company.
Most of the employees were unaware of how badly the former CEO and another ego driven money hungry executive had driven the company to the ground (bad money decisions, lying to the bank, taking company money to hide affairs). Luckily for the company these two individuals left the company towards the beginning of the year.

But take this to heart, let me stress, most of the former employees are upstanding people who are trustworthy individuals and they worked unbelievably hard for the company and cared about their jobs. You would be lucky to work with many of them.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

North Chicago Discussions

Title Updated Last By Comments
Donald Trump will make Hitler look like a Boy ... Mon Blacker 2
Undocumented Mexicans Beware Mon Ravio 3
Best Gym in Gurnee Dec 1 ohhello 2
News The fearful daily life of an undocumented immig... Nov 30 Trump 4 Clinton 0 39
Red Light of Hillary has passed Nov 26 TeddyRoosevelt 1
Don't open your doors for Black trick or treaters! (Oct '15) Nov 13 Ryan Filcher Miller 15
Why I'm voting for Gary Johnson Nov 7 John TM 2

North Chicago Jobs

More from around the web

Personal Finance

North Chicago Mortgages