The administrator of HMV has agreed to honour gift vouchers in stores from Tuesday 22 January.
Music and DVD chain HMV is one of the latest high street casualties this month, along with Jessops and Blockbuster.
Richard Lloyd, Which? executive director, said: ‘People will be relieved to hear that HMV is now accepting gift vouchers and cards, as so many people were outraged that the administrator wasn’t accepting them in the first place.’
‘We want the rules on gift vouchers and insolvency to be reviewed to ensure consumers in future are adequately protected.’
Read our Q&A on what to do when retailers go into administration.
HMV honours gift vouchers
Administrator Deloitte has agreed to honour gift vouchers after assessing HMV’s financial position – it had previously said that HMV would not accept, or issue, vouchers any more. However, it’s recommended that you act quickly.
Also, Asda, Boots and Tesco have said that, for a limited time, gift vouchers can be exchanged for the retailers’ own gift cards, at face value.
Online gift store Musicgiftsuk.com, a supplier of HMV, has also offered to honour HMV vouchers.
Using chargeback on HMV vouchers
As long as HMV is accepting gift vouchers, chargeback claims will not be accepted.
Chargeback allows you to ask your card provider to reverse a transaction if there’s a problem with something you’ve bought.
Hilco named as potential HMV buyer
Restructuring specialist Hilco has emerged as a frontrunner to buy HMV. Universal Music, Sony and Warner Music are believed to favour the bid.
Deloitte was appointed to keep HMV’s 223 UK stores open while it assesses the prospects for the business and seeks potential buyers.
HMV’s administration is believed to stem from a failure to cope with increasing competition from online rivals.