HMV set to call in administrators on Tuesday

High street home entertainment retailer HMV may enter administration as soon as Tuesday after suppliers refused to grant the company a lifeline.

The 92-year-old store had requested a £300m financing package from music labels, game publishers and film studios - who already own 5 per cent of the company - in order to pay off its bank debts. It was declined.

The last major music and video retailer left in Britain's town centres now seems almost certain to enter administration, putting over 4,000 jobs at risk.

Deloitte, the company which had been advising the banks owed money by the struggling chain, is likely to oversee the process, reports have claimed.

Another one bites the dust?

The company is believed to be holding an emergency board meeting on Monday night, with an announcement coming as soon as Tuesday morning.

HMV had held a massive blue cross sale at its 238 stores in the UK and Ireland last week in an attempt to spark sales, but that simply led to a massive drop in the company's ever-dwindling share price.

HMVs looming demise follows the loss of other music, game and DVD retailers like Zavvi, Woolworths and Our Price in recent years.

The company's problems will be a further blow for the beleaguered UK high street, with likes of JJB and tech retailer Comet and photography chain Jessops closing down recently.

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