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| HMV will accept gift vouchers | |
| (35 minutes later) | |
| The administrators of HMV have said that the music and DVD retailer will start accepting gift vouchers in stores from Tuesday. | |
| Deloitte had previously said that gift cards could not be redeemed in stores, leading to anger among many customers. | |
| Deloitte said it was able to honour the vouchers after assessing HMV's financial position. | |
| Meanwhile restructuring specialist Hilco has emerged as the frontrunner to save HMV, reports say. | |
| An industry consortium of music labels and film studios, including Universal Music and Sony, are believed to favour Hilco, according to newspaper reports. | An industry consortium of music labels and film studios, including Universal Music and Sony, are believed to favour Hilco, according to newspaper reports. |
| Hilco bought out HMV Canada from parent HMV group in 2011 for £2m. | Hilco bought out HMV Canada from parent HMV group in 2011 for £2m. |
| Deloitte, HMV's administrator, has said there are 50 separate groups or individuals who have expressed an interest in buying all, or part of HMV. | Deloitte, HMV's administrator, has said there are 50 separate groups or individuals who have expressed an interest in buying all, or part of HMV. |
| If Hilco is successful with its bid, the suppliers are believed to be willing to give HMV stores generous credit terms. | If Hilco is successful with its bid, the suppliers are believed to be willing to give HMV stores generous credit terms. |
| In Canada, Hilco said the support of HMV's key suppliers had been of "critical importance" to the business's performance. | In Canada, Hilco said the support of HMV's key suppliers had been of "critical importance" to the business's performance. |
| HMV has 223 UK stores in total, and a workforce of about 4,000. | HMV has 223 UK stores in total, and a workforce of about 4,000. |
| The music, DVD and games retailer went into administration last Tuesday. | The music, DVD and games retailer went into administration last Tuesday. |
| HMV's administration came after the firm failed in recent years to cope with increasing competition from online rivals, supermarkets, and illegal music and film downloads | HMV's administration came after the firm failed in recent years to cope with increasing competition from online rivals, supermarkets, and illegal music and film downloads |
| Hilco was not immediately available to comment. | Hilco was not immediately available to comment. |