Nov. 28--Most people by now have gotten multiple copies of the e-mail circulating on the Internet about massive store closures.

It's true some retailers are closing or cutting underperforming stores in this weak economy. The e-mail, however, contains some false and old information.

It also recommends using up gift cards that would become worthless if stores go out of business. While that may not be necessary at all stores, using up gift cards is always a good idea to avoid expiration dates, loss or inactive service fees.

Plus, additional stores could close come January. If you purchase gift cards, buy them with a credit card to protect yourself.

The Internet myth-busting site Snopes.com called the Internet list a "mixture of accurate, inaccurate and outdated information." See its review and sources at www.snopes.com/politics/business/storeclosings.asp.

Snopes acknowledged that it's normal for chains to scale back during prolonged economic downturns. But bankruptcy, it said, doesn't mean the store is going away. "Although federal law allows companies to stop honoring gift cards when they file for Chapter 11 bankruptcy protection, not all businesses do so."

Two businesses that are not on the list are worth noting:

--Steve & Barry's

The company's new owners said in August they would keep 173 stores open, then reversed course last week and said they will indeed liquidate all stores, including the one at 4950 Integrity Way, Grand Chute. "Gift cards are still honored," said spokesman Sandy Feldman. "But they need to use them ASAP. The sale will last five to seven weeks. Some stores will close sooner."

--General Growth Properties

Fox River Mall's parent company may be forced to file for bankruptcy protection if it cannot refinance nearly $1 billion in debt due next month. If it does, said spokesman David Keating, this mall "will remain open and vibrant."

The mall's gift cards will not be voided, said John Burgland, mall manager. "That would not be the case with us. It's an American Express gift card. We're just an agent."

American Express spokeswoman Marina Hoffmann confirmed that the mall gift cards are secure. "GGP mall gift cards are issued by American Express on our network," she said. "As such, American Express holds, and is responsible for, the funds available on GGP mall gift cards. (The cards) will continue to be usable at merchants who accept American Express credit cards, subject to the terms and conditions of the gift card."

Be aware of expiration dates and any fees on these and all gift cards.