From WENN.com

Bosses at the company announced on Wednesday (16Jan13) they were joining HMV by putting the business into administration due to a slump in profits blamed on online trading.

The chain, which launched in Britain in 1989, has 528 stores and employs 4,190 staff, who will lose their jobs if the business cannot be saved.

It has suffered from the rise of Internet-based DVD rental services and has shut down more than 100 outlets in the last few years in a bid to streamline the operation.

HMV bosses confirmed on Tuesday (15Jan13) they are in administration and looking for a buyer after almost 100 years in business.