Dayton, Ohio (AP) -- The president of a Dayton company that sold gift certificates to thousands of businesses and individuals around the country says his company fell victim to the economic downturn.
Certifichecks Inc. closed in February and filed for chapter 7 bankruptcy in April.
Businesses and chambers say they lost thousands of dollars by honoring the certificates after the company closed.
President Steven Buchholz told a trustee with the U.S. Bankruptcy Court on Wednesday that sales fell dramatically earlier this year.
He says a key revenue from unredeemed certificates also dried up.
Certifichecks had operated in 47 states.
Its gift certificates, worth up to $100, were offered as promotional items by companies and chambers of commerce to steer business to local merchants.
(Copyright 2009 by the Associated Press. All rights reserved.)
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