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After failing to meet the conditions of its bank loans, HMV is to appoint Deloitte as administrators. The firm will attempt to find a buyer for the retailer, which runs over 230 stores and employs some 4,500 staff.

While the news that HMV is no longer accepting gift cards or credit vouchers will come as a blow to consumers, respected financial journalist Paul Lewis said today that it's possible for affected customers to get their money back.

"The buyer can claim the money back from debit/credit card issuer using chargeback," the presenter of BBC Radio 4's Money Box wrote on Twitter.

CVG's Rob Crossley said today in an opinion piece about the disastrous but seemingly inevitable fall of HMV: 'A retailer with nearly one hundred years of experience, HMV has done a frankly miserable job of countering the buying power of supermarket chains and the growing prominence of home delivery websites and digital downloads.'