No. In most states, and under federal US law, companies cannot refuse to honor a gift card as long as it is valid and legal. In some states like California, adding an expiry date is illegal for most types of gift cards and under US federal law, gift cards must have a minimum 5 year expiration period. So if a gift card expiry period is stated as less than that, the company may still be legally obligated to honor it to comply with US federal law.
Even if a company has entered bankruptcy proceedings, it must honor any gift cards or provide a cash refund.
Read more about US federal gift card law here and California-specific gift card laws here (California is typically stricter and more consumer-friendly than federal law)