Music and DVD retail store HMV is to go into administration making it the latest chain to go into administration following other giants such as Zavvi (formally known as Virgin Mega Stores). Deloitte has said that it will keep the 239 stores in the UK and the Republic of Ireland open while it looks at the prospects for the business and seeks potential buyers.

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."

The potential closure of the chain puts at risk a staggering 4,350 jobs across the 239 stores and will leave behind a legacy that started in 1921 when the first store was opened in London's Oxford Street and the company grew from there. In recent years HMV has struggled against online businesses and this has come home to roost.

There have been a number of well-known musicians that have voiced their concern over the chain going into administration with Professor Green tweeting “HMV bankrupt. We may as well just give up on any medium that involves hard copy and get on with it. #sadtimes”

As with camera retailer Jessops, HMV said it would not be accepting gift vouchers or issuing any more.

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