HMV is to close down.

HMV, the entertainment chain on the rocks, is set to bring down it’s reign on nearly a century of business.

Thousands of jobs are on the line as 92-year-old retailer is put out of business by online sales and supermarkets.

Trading in shares on the London Stock Exchange is being suspended, the company said in a statement.

“The bottom line is that there is no real future for physical retail in the music sector,” said Neil Saunders, the managing director of retail analyst Conlumino.

The explosion in digital downloading compounded HMV’s problems, as UK consumers spent more than £1bn on downloaded films, music and games in 2012, according to the Entertainment Retailers Association.

Courtesy of  JAMES THOMPSON. (independent)

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Back in December the mega stores bosses were in talks with banks over poor trading figures.