Having entered administration and refused to accept gift cards, HMV has taken an about turn on that front today, with administrator Deloitte deciding that it will honour gift cards from Tuesday.

In the week since HMV entered administration, gift cards have not been accepted by the retailer, much to the chagrin of consumers. The retailer had claimed that this was "customary" practice for a business entering administration.

Deloitte has "been urgently assessing the company's financial position" over the past seven days, according to Joint Administrator Nick Edwards, which has led to this latest decision. "I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards," he said.

"I can also confirm that all money raised by HMV for various charities will be paid in full. We recognise that both of these matters have caused concern for individuals and organisations affected and are pleased to have reached a positive outcome."

HMV is being considered for acquisition by around fifty companies according to reports, one of which is GAME, who has declared its interest in taking over 45 stores, assuming the company isn't acquired wholesale.

[Via CVG]