Yet another death knell for the UK's high street as HMV, the music retailer and DVD chain, announces it is to appoint an administrator, which could mean the loss of 4,350 jobs. Deloitte announced that 239 stores will remain open in the UK and the republic of Ireland. While the company surveys its position and looks for a potential buyer.

HMV said in a statement that trading in shares has been suspended and that they won't be accepting gift vouchers or issuing any more.

This is sad news for the company that started in 1921 and follows the closure of camera retailer Jessops and electrical goods retailer Comet. All three, falling victim to the rise of on line retailing.

I am Ann salter thanks for watching. Stay tuned for the lastet news on this story with us at ibtimes.co.uk

Written and presented by Ann Salter