Reports suggest that troubled retailer HMV is set to enter administration.
HMV's troubles are by now well known. The retailer has suffered on two fronts: Britain's ongoing economic difficulties have badly affected the high street, while the decline in physical music sales has forced it to diversify.
Speculation has surrounded the firm's future for some time, but this evening it seems that HMV has finally gone into administration. Widespread reports are emerging suggesting that HMV have appointed an administrator, which will now take charge of the 239 store chain.
The BBC understands that the firm named Deloitte as their administrator, following a meeting of the HMV board this evening (January 14th). A full statement is expected to be released shortly.
It is not yet known how this news will impact upon related chains, such as FOPP, who sit under the HMV umbrella.