It's bad times for music store HMV as they have now announced that all of their sixteen Ireland stores will be shut down.

In a statement, the music chain announced that "Since his appointment, the receiver has conducted an assessment of the viability of the company and has actively sought a sale. The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent. All stores were loss-making and it was not possible to attract a purchaser."

It's a sad turn of events for the company as the company's administrators have been considering bids of up to 9 million for their flagship store in Oxford Street and the shutdown of the Irish stores will cause a loss of 600 jobs.