Music and DVD chain HMV is to call in administrators Deloitte today as the 250-strong chain becomes the latest casualty on the high street.
Some 4,350 jobs are at risk across 239 HMV stores in the UK and the Republic of Ireland, which will remain open while administrators seek potential buyers.
Trading in HMV shares on the London Stock Exchange has been suspended.
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."
HMV, which opened its first store in 1921, is the latest company to struggle against online retailing following disappointing Christmas sales.
The music giant has been in financial crisis for more than a year, and on 13 December warned it faced a possible breach of bank loan agreements, sending its share price plummeting.
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