Electronics retailer Comet will hold a stock-clearing sale following the decision to place the troubled company into administration.
According to reports, £120m of existing stock will be sold off at bargain basement prices, during the 'everything must go' sale; a date for which has yet to be confirmed.
After a weekend of deliberation, administrators Deloitte announced on Tuesday night that existing gift cards will be honoured during the sale, despite customer fears they would be deemed worthless.
Article continues below
The gift cards remain temporarily suspended for the time being, but will be fulfilled once it has been verified that they have been paid for in full.
Gift cards are good
Neville Kahn of Deloitte announced: "Following our appointment as Administrators to Comet at 4:30pm on Friday afternoon, it was necessary to temporarily suspend the acceptance of gift cards as a means for payment in order to allow the Joint Administrators time to assess the financial position of the company and collate information about the quantity, value and nature of gift cards in circulation.
"Having now had the opportunity to do so, we are very pleased to inform Comet customers that the Company will be able to accept gift cards which have been purchased and paid for in full by members of the public.
"At this stage, it is necessary to maintain the temporary suspension on gift cards which have been issued to people on behalf of a corporate customer, for example by insurers, pending clarification from the relevant providers as to whether Comet has received payment in full for these cards."
The administrators will also fulfil orders already placed by customers providing the item is still in stock.
The closure of the chain could see the loss of 6,000 jobs unless a buyer can be found to save it.
Via Daily Mirror