Soon to enter administration HMV, has now announced that it will no longer be accepting gift cards at its retail outlets. This will likely be a bit of a disappointment for those that received one from an aging relative over Christmas.
That said, don’t break out the scissors just yet, as we did see GAME do this a while ago and when it emerged from its own near bankruptcy, some functionality with the cards was reinstated.
No word on whether the cancellation of trading credit items will also be extended to store credit and pre-orders. HMV also announced today that trading in its shares would halt immediately.
“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 and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect,” read the statement from HMV this morning.
The chain’s 239 stores and over 4,300 staff will continue trading for now, while the administrators sort things out. Likely if anything does remain of the iconic brand once the dust has settled, there will be far fewer outlets and a lot less staff.[BBC]