High street retailer HMV looks certain to enter administration, jeopardising the jobs of some 4,350 people company-wide (with 293 of them Irish).
The UK-based company, which first opened its doors 92 years ago, has had its request for a £300 million survival package denied by suppliers and has had its shares suspended from trading in London markets. The company's profits have been on a downturn in recent years as streaming, downloading (both legal and illegal) and cheap supermarket CDs have provided intense competition to the high street chain.
HMV have indicated that they will no longer accept or issue gift vouchers.
Deloitte have been appointed as the chain's administrator - which is the UK equivalent of examinership over here - and it will oversee HMVs assets while seeking a buyer.
The company had recently sold its chain of book shops, Waterstones and shut 60 outlets in the last year but was still faced with crippling losses. HMV's shares are at 90% of what they were just 8 years ago.
It will be interesting to see how this story develops. It's clear that the traditional method of CD and DVD sales has been subverted and moved almost entirely online in recent years. Is there any high street shop which can compete with the World Wide Web? The downfall of HMV, traditionally a heavyweight retailer, is a worrying signpost for dozens of similar businesses who have been facing declining profits.
While HMV isn't the first large chain to crumble, its demise is a worrying high-water mark among the recent economic woes suffered by almost every business of its kind.