Customers with HMV gift cards will be able to spend them from tomorrow, administrators have announced.
There had been fears that the vouchers could be worthless after the music and DVD retailer collapsed into administration last week.
The chain has 223 stores, including its Exeter branch in Princesshay, and employs 4,123 people across the UK.
Efforts are continuing to find a buyer to rescue the business.
The administrators have also confirmed that proceeds raised by HMV through the sale of charity releases, including the Hillsborough Justice Collective single, will be paid in full as soon as possible.
Nick Edwards, at Deloitte, joint administrator of HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd, said: "Since our appointment as joint administrators on Tuesday afternoon, we have been urgently assessing the companies' financial position. I am pleased to confirm that, having concluded this assessment, we are able to honour gift cards.
"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."
He added: "We will continue to assess the longer term options for the business whilst continuing to trade. I am hopeful this process will result in the business continuing as a going concern."