HMV employees in Craigavon face an uncertain future with the company going into administration this week.
The chain which was established 92 years ago has 11 stores in Northern Ireland including a unit in Rushmere.
The store in Craigavon employs around 20 members of staff who found out on Monday their jobs were at risk.
Shoppers holding HMV vouchers have also been dealt a blow. They’ve been told they will not be able to redeem them but should hold onto their gift voucher or card in case a buyer is found.
In a statement issued on Monday the retailer said it was unable to reach a position where it could trade outside of insolvency protection.
“The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business,” the statement said.
The chief executive Trevor Moore said market conditions suggested the group would fail to meet expectations for the year to April, so would not meet the terms of its bank loans.
A further announcement was made on Tuesday that HMV had appointed Deloitte as administrators and are keeping all eleven Northern Ireland stores open while they seek a buyer.
Northern Ireland Independent Retail Trade Association (NIIRTA) Chief Executive Glyn Roberts said: “This is deeply concerning that another big name high street retailer is likely to close its doors so soon after Jessops ceased trading. Unless a buyer is found, HMV closing will be a big loss to our local town centres and footfall for neighbouring retailers.
“Quite simply we are losing too many retail chains and independent retailers and so we need radically new thinking to revitalise our retail sector.”
He added: “NIIRTA continues to engage with Ministers at Stormont and Westminster putting forward solutions to tackle this problem.”
Retail Trust, the only charity that looks after the needs of all three million people working in retail, has pledged its support to all staff affected by the company’s administration.
Their helpline provides free, confidential and independent advice and support for all staff affected by such developments. Any retail staff wishing to contact the Helpline can do so by calling 0808 801 0808, emailing firstname.lastname@example.org or texting HELPLINE to 88010.