Updated 13:50
Entertainment retailer HMV is entering into administration in the UK for a second time in only six years.
It follows what the owners have described as "extremely weak" sales over the Christmas period.
In 2013, the retailer was rescued by Hilco Capital.
The remaining Irish branches closed in 2016 following the earlier shuttering of Xtra-Vision, which was also taken over by Hilco in 2013.
However, 125 HMV stores have remained open across the UK in recent years.
Sky News today reported that HMV Retail has filed a notice of intention to appoint administrators, with KPMG's appointment as administrator expected to be announced later today.
Hilco confirmed the news this afternoon.
Picture by: Frank Augstein/AP/Press Association Images
HMV stores are set to remain open while the owners continue negotiations with suppliers and possible buyers.
In a statement, Paul McGowan - executive chairman of HMV and owner Hilco Capital - said: "It is disappointing to see the market, particularly for DVD, deteriorate so rapidly in the last 12 months as consumers switch at an ever increasing pace to digital services.
“During the key Christmas trading period the market for DVD fell by over 30% compared to the previous year and, whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable.”
He added that the business has "not been insulated from the general malaise of the UK High Street", and said it cannot withstand the "tsunami of challenges facing UK retailers".
He blamed "government-centric policies" for increasing fixed costs.
HMV - which was founded in 1921 - currently employs around 2,200 people in the UK.
