HMV will no longer accept gift vouchers

Stores continuing to trade today as firm prepares for administration.

Beleaguered British retailer HMV will no longer accept gift vouchers, the company has announced, as its prepares to enter administration.

Unsurprisingly, the shop will no longer be issuing them either, BBC News reported. Trade in HMV shares has also been suspended.

The cancellation of gift vouchers will be a blow to consumers so soon after Christmas, the year's most lucrative voucher-giving season. We're checking with HMV now to see whether this move extends to all store credit, and whether your pre-orders will still be honoured.

HMV's 4350 staff are, this morning, waking up to an uncertain future. The company announced last night it had called in administration firm Deloitte following disappointing fourth-quarter sales.

"The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection," an HMV spokesperson explained.

The chain's 239 stores will continue to trade while efforts to save the business go on.

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HMV suspends trade in shares.

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