High street music retailers HMV have been forced to call in the administrators.
Founded in 1921, HMV is one of the most recognisable landmarks on the British high street. Supplying generations with their musical needs, the chain seemed to enter dangerous waters with the growth of the download era.
Recently, speculation has surrounded the future of the firm. Last night (January 14th) HMV finally called in the administrators, with more than 4000 jobs at risk across the country.
A recent 25% sale will continue, while HMV has confirmed that it will no longer accept gift vouchers supplied before this date.
In a statement, HMV said: "The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect." Continuing, the statement explained that the board "understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business".
HMV's shares have now been suspended from trading, while financial firm Deloitte will administrate the chain's 239 stores across the UK and Ireland.
Our thoughts are with anyone employed by the company - worrying times for all concerned.