In the midst of holiday shopping, a survey found that consumers are becoming reluctant to shell out cash for gift cards in fear that retailers might close or file for bankruptcy, Bloomberg reported.

According to a survey conducted by America’s Research Group and USB AG, 46 percent of consumers said they will buy fewer gift cards this holiday season, because they fear that companies could close their doors or go into bankruptcy and not honor the cards.

For instance, retail chains such as Circuit City Stores Inc., which filed for Chapter 11 bankruptcy protection in November, Gap Inc. and AnnTaylor Stores Corp. are shutting down stores nationwide, adding to consumers’ uncertainty.

However, Dave Sievers, head of retail practice at Archstone Consulting LLC in Stamford, Conn., said that even if retailers close stores or file for bankruptcy, many will still honor their gift cards as long as they are not liquidating.

“We’ve only just begun in terms of the bankruptcies and liquidation,” said Howard Davidowitz, chairman of retail consulting and investment-banking firm Davidowitz & Associates Inc. in New York. “And there’s almost no retailer out there not closing stores.”

Of those consumers who still plan on purchasing gift cards, America’s Research Group’s survey showed that most will stick to big-box retailers such as Wal-Mart Stores Inc.