The news via the BBC is that policy has changed at HMV. Thanks John Harvey for the tweet.
Apparently there is a rescue under discussion and the record companies are supportive.
However I still think it is a bit vague as to how involved the record companies were in the previous HMV. Which ones had shares? Where did the directors come from? Will the record companies influence policy on gift vouchers in future?
And the implications for books are very disturbing. I don't see book tokens as a reasonable risk.
Unless there is legislation or something that restores confidence in consumer rights.