So the HMV brand damage limitation exercise has begun now that the administrators Deloitte have said that they will now accept gift vouchers from this Tuesday having reviewed the financial situation.
As the gift voucher holders are unsecured creditors and the chain owes the bank £176m they would normally not be likely to receive any refund. However, now that Hilco have appeared to be the front runner to buy the stores then customers will need to keep coming back. This is in contrast of course to Jessops that has closed all its stores. HMV continues to trade and it would be in the best interest of creditors not to annoy a considerable number of potential customers.
An industry consortium of music labels and film studios, including Universal Music and Sony, are believed to favour Hilco, according to newspaper reports.