HMV goes into administration

High street music store HMV has confirmed that it is to appoint an administrator, putting around 4,350 jobs (300 of them Irish) at risk.

Company bosses were in crisis talks last night, and announced this morning that Deloitte will be appointed as the company's administrator. All of its 239 stores will remain trading while Deloitte attempts to find a buyer, however trading on HMV shares has now been suspended on the London Stock Exchange. As of this morning, the shop will no longer accept gift vouchers, or issue any more.

HMV first opened its doors on Oxford St., London, way back in 1921, and its iconic 'Nipper the dog' logo has become one of the most recognisable UK brands since then. However, the rise of downloading, and ease of access to music online has resulted in dwindling sales, and no doubt Christmas figures have promted the current talks.

There are 16 HMV stores in the Republic of Ireland, and 10 in Northern Ireland.

#HMV is now the top trending topic on Twitter, with punters, artists and bands alike expressing sadness at the news:

Professor Green ‏@professorgreen: hmv bankrupt. we may as well just give up on any medium that involves hard copy and get on with it. #sadtimes

graham coxon ‏@grahamcoxon: They'll be closing down musicians soon.. It ain't gonna get any better.

Niall Breslin ‏@nbrez: I have witnessed many independent and high street music shops close through the years but Hmv closing is a worrying sign for music industry.

Elastic Witch ‏@Elastic_Witch: Very sorry, but unfortunately not at all surprised to hear about #HMV. That's a lot of jobs on the line. Never good news.

Scroobius Pip ‏@Scroobiuspipyo: I'm gutted about HMV. Worked there for years&loved it. Made some of my best mates there. Hope it gets saved at the last minute.