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article imageHMV gift vouchers to be honoured

By Alexander Baron     Jan 23, 2013 in Business
HMV shares have been suspended as administrators have been appointed; the good news for customers if not for investors is that gift vouchers are now being honoured.
HMV has been around longer than anyone reading this article. Its massive store in London's Oxford Street was opened by the famous composer Sir Edward Elgar on July 20, 1921. Today, visitors to its website will see a notice to the effect that it is now in administration, which means there is hope that it will avoid liquidation, indeed at the time of writing the specialist retail restructuring company Hilco has bought the company's £176 million debt, apparently at a heavy discount, having bought out the company's Canadian arm two years ago.
That may not be good news for investors, but customers who bought gift vouchers are faring a lot better. Shortly after the company's downfall was announced, people interviewed in the street were complaining to the BBC that gift vouchers were being refused. Yesterday, the London commuter freesheet City A.M. reported that these are now being honoured.
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