HMV to honour gift cards despite going into administration

HMV will continue to accept customers' gift cards so long as stores keep trading, administrators KPMG have said. "Will Wright, from KPMG, said:"Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale. "Customers with gift cards are advised that the cards will be honoured as usual, while the business continues to trade." Whenever a company goes into administration, the decision on whether it should honour gift cards is down to the administrators, according to consumer publication Which? Paul McGowan, executive chairman of HMV and its owner Hilco Capital, said: "Even an exceptionally well-run and much-loved business such as HMV cannot withstand the tsunami of challenges facing UK retailers over the last 12 months on top of such a dramatic change in consumer behaviour in the entertainment market."

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