AN ADMINISTRATOR IS expected to be appointed to the music retailer HMV in the UK later this morning putting around 300 jobs at its 16 stores in Ireland at risk.
Administrators from Deloitte are expected to keep HMV’s stores in the UK and Ireland open while they assess its future prospects and identify potential buyers but trading in HMV shares on the London Stock Exchange have been suspended.
The firm will also not be accepting issuing or accepting gift vouchers any more.
HMV has 16 shops in the Republic of Ireland and some 230 shops in the UK including 10 in Northern Ireland. In total over 4,300 jobs will be at risk if the company shuts down.
It has struggled in recent years against competition from online – including web-based retailers, digital downloads and supermarkets – having been in operation since 1921.
Its first store opened on Oxford Street in London while its main store in Ireland is on Dublin’s Grafton Street.
Its Twitter account last night retweeted a number of people expressing their sadness at its troubles: