Administrators for entertainment retailer HMV have confirmed today that the group will be honouring gift vouchers after claiming last week that the vouchers were invalid.
Following an outcry last week after the struggling retailer announced its move to appoint administrators and that consumers may have lost millions of pounds in unclaimed vouchers, the company has announced that vouchers will be redeemable in stores from tomorrow.
Joint Administrator Nick Edwards said: “The ability of Administrators to honour gift vouchers will depend on the specific circumstances of each case.
“Since our appointment as Joint Administrators on Tuesday afternoon, we have been urgently assessing the Companies’ financial position.
“I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards.
“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.”
The beleaguered retailer collapsed into administration last week after months of hardship as its customers frequently favoured online downloads and purchases and it has been reported that competitor Game, which also fell into administration last year, is considering a bid for HMV.
Explaining the administrators’ position, Edwards concluded: “We will continue to assess the longer term options for the business whilst continuing to trade.
“I am hopeful this process will result in the business continuing as a going concern.”