No, they can. It is the same as if they took a loan out. They received x dollars in cash and now owe someone x dollars, except in merchandise. That x dollars is

No, they can. It is the same as if they took a loan out. They received x dollars in cash and now owe someone x dollars, except in merchandise. That x dollars is theirs and isn't tied to anyone, because cash is cash, but the loan is redeemable on demand. They just can't record that as revenue until the gift card is actually used.