The good news is that retailers filing Chapter 11 reorganizations often ask the court to let them continue to Honor Gift Cards, she said.

It's important because it's hard for a business to continue if customers don't have assurances that Gift Cards will still be good for purchasing merchandise and that patrons can make returns.

Moody's, the credit rating agency, finds that nearly two dozen retailers were among the companies with among the lowest marks in mid-December, which can put them at risk.

And in the worst cases in the past year, some chains have moved directly to liquidate their businesses and close the doors.

"If they go into Chapter 11, they immediately seek court authorization to Honor Gift cards," said Chuck Tatelbaum, senior attorney with the Tripp Scott law firm in Fort Lauderdale, Fla. "If they don't, it will kill sales."