Despite HMV continuing to sell gift cards until the day before the music chain collapsed, administrators Deloitte stopped accepting them once they were appointed to the business last week.
Amid a storm of protest from consumers, Deloitte has now said gift cards and vouchers will be redeemed in stores from today.
Administrator Nick Edwards said the decision had been made after assessing HMV's financial position. He also said proceeds of charity releases, including the Hillsborough Justice Collective single, would be paid in full as soon as possible.
He added: "We recognise that both of these matters have caused concern for individuals and organisations affected and we are pleased to have reached a positive outcome."
Meanwhile, budget retail chain Discount UK Home Store is to create 400 jobs in Scotland this year with plans to open 10 more stores. The firm will open its fourth Scottish shop at Airdrie retail park this Friday, bringing 40 jobs to the local area.