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Sounds music store customers look set to miss out on cashing in their gift vouchers for Christmas CDs and DVDs - creditors are the first in line for any payouts from the failed company.
Icon Digital Entertainment, which owns 50 Sounds music stores nationwide, went into voluntary administration two weeks ago owing creditors about $20 million.
Its voluntary administrator, BDO Spicers, which is trying to sell the remains of the business as a going concern, said a dozen expressions of interest had been received for all or part of it.
Repeated Herald inquiries to BDO Spicers administrator Stephen Tubbs have been unsuccessful, with all questions referred to a statement on the company's website.
The statement painted a grim Christmas for music lovers, saying Sounds customers would have to get in line behind secured creditors.
"Whether voucher holders get their money back is still to be determined and will depend on the new owner of the business or whether the business is sold," the website statement said.
"It's important to note that the administrators also have to respect the legal priority ranking over the stock of Icon than the reward card and gift voucher holders."
The website said the company was gathering information on the number of affected rewards card and gift voucher holders and the money involved.
But Icon director Steve Dodds said this information was now with BDO Spicers.
"All the information you want is with them. I really don't know what's happening," he said.
The website said if the business was sold, any refunds or credit to disgruntled customers would be "up to any new owner to decide".
Chris Hart, the managing director of Real Groovy, said the store stopped accepting Sounds gift vouchers about a year ago.
The managing director of The CD and DVD store, Roger Harper, said his stores would not accept Sounds vouchers or cards rewards.
BDO Spicers is expected to make an announcement in the next two weeks.
