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HMV to honour gift cards while Hilco buys debt

The administrators for HMV have confirmed that the entertainment retailer will accept gift cards in its stores from today.

GENERAL MERCHANDISE

HMV to honour gift cards while Hilco buys debt

The administrators for HMV have confirmed that the entertainment retailer will accept gift cards in its stores from today.

Deloitte had previously said that gift cards would not be accepted prompting anger from HMV customers.

Now the administrators say they will be able to honour the cards after "urgently assessing the company's financial position" over the past seven days.

In addition, funds raised by HMV through the sale of charity releases such as the Hillsborough Justice Collective single will now be paid in full.

Nick Edwards, joint administrator, explained: "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."

Deloitte said it was continuing to assess the longer term options for HMV while it continues to trade. Edwards added: "I am hopeful this process will result in the business continuing as a going concern."

According to reports as many as 50 separate groups have expressed an interest in buying all or part of HMV. This includes retail restructuring group Hilco which bought HMV Canada from parent HMV Group in 2011.

Breaking news: The Financial Times reports that Hilco has acquired HMV’s debt from its bankers, which effectively gives Hilco control of the business. The debt, which is believed to be in the region £176 million, has been acquired from Lloyds and Royal Bank of Scotland. More to follow.

 

 

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