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HMV gift cards redeemable again

Administrator reverses decision to freeze store credit

Retailer HMV will begin honouring gift cards from Tuesday, in a surprise turnaround decision by administrator Deloitte.

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Store credit and gift vouchers have not been redeemable in the seven days since HMV entered into administration, resulting in outcry from shoppers. The retailer previously claimed that freezing gift cards was "customary" for retailers that have gone into administration.

Now joint administrator Nick Edwards says Deloitte has "been urgently assessing the company's financial position" over the past seven days.

"I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards," he said.

"I can also confirm that all money raised by HMV for various charities will be paid in full. We recognise that both of these matters have caused concern for individuals and organisations affected and are pleased to have reached a positive outcome."

HMV is being considered an acquisition target by as many as fifty companies, according to a new report.

Retailer GAME has declared an interest in as many as 45 individual stores, should the company not be acquired wholesale.

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