HMV entering administration [update]

Report HMV entering administration on Tuesday
Update: HMV confirmed it's filing notice to appoint Deloitte as administrators to the company. As the BBC reports, HMV is suspending trading on the London Stock Exchange from Tuesday, January 15. HMV's 239 stores across the UK and Republic of Ireland are to remain open while Deloitte seeks a purchaser. If a new buyer isn't found, around 4350 people will lose their jobs.

UK retailer HMV will reportedly enter administration (i.e. bankruptcy), after it was unable to obtain £300 million ($483M) in additional financing against debt. The Financial Times and Channel 4 both report the struggling brick and mortar franchise will announce the news tomorrow morning, making it the latest casualty to affect the UK games retail market.

Other prominent game retail victims in recent times include Play.com, which will alter its operation by March. Then there's the saga of GAME, which has also struggled and dealt with bankruptcy.

GameStop removed itself from the UK retail market in early 2012 to become an "e-commerce only operation."

This article was originally published on Joystiq.