Entertainment retailer HMV has gone into administration.
The chain’s first store opened in London’s Oxford Street in 1921 but in recent years it has faced intense competition from online retailers and supermarkets.
Last month the company warned that it risked breaching its bank loan agreements.
In the past 18 months it has sold-off a number of non-core business areas, including book retailer Waterstones.
News of a month-long, 25% off sale sparked concerns that the group was carrying an excess of unsold Christmas stock.
In a statement issues on Monday evening the company’s board said “it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection”.
Administrators will now be appointed to manage the sale or winding up of the business.
The statement said the board “understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser”.