Music retailer HMV in Britain is in administration due to weak sales and a tough retail market.
HMV on Monday suspended its shares from trade on the London Stock Exchange and said it would appoint Deloitte as administrators to run the company as a going concern and seek a buyer.
The company, which traces its history back to the 1890s, said it will not be able to meet debt obligations due at the end of this month.
The ABC reports HMV opened its first retail shop under that name in London in 1921 and has a large store network in Britain and Ireland.
Retail analyst Peter Ryan said more and more people now buy music, movies and computer games online.