There are fears for nearly 300 jobs in Ireland – after HMV announced last night that it’s to appoint an administrator.
The company has seen a major slump in sales due to online competition and its underlying debt stood at over 176 million pounds sterling at its half year to 27th of October.
Overall the music and DVD retailer employs over 4,000 people in Ireland and the UK – with more then 250 stores across both countries.
Deloitte has been appointed as the administrators and intends to keep the business running until a potential buyer can be found – however customers are being advised that from today – HMV gift vouchers will not be honoured as payment.