Holders of $895-a-Year AmEx Card Rush to Spend Saks Perk (1)

American Express card holders and other shoppers are hurrying to spend store credits and gift cards at Saks Fifth Avenue as the cash-strapped retailer heads toward a potential bankruptcy restructuring.

When a company files for bankruptcy, it’s not automatically required to honor gift cards, sometimes leaving consumers empty-handed.

That’s worrying for customers such as Julia Portela, a 38-year-old travel content creator in Miami. Her American Express Co. Platinum card has an annual fee of $895 and includes getting a $50 credit at Saks twice a year.

“Everyone is going to try to go to Saks,” Portela said. “We don’t know ...