HMV, one of the oldest music retail chains in the world, has announced that it will shut down.
The British-born company which sells music, films and related technology and merchandise has struggled since the rise of online alternatives like Amazon and iTunes.
Now a £300 million bailout loan has been rejected, As a result, the company will go into administration. The loan would have paid off other debts and helped the company restructure itself for the future.
4,000 jobs are now at risk. Any gift vouchers have been made invalid.
We recently reported on HMV's new anti-tattoo policy, which also banned long hair and trainers, despite many HMV staff members being known for their rockish appearance.
While many UK music fans have already turned to online alternatives, many remember their youth exploring HMV stores when physical products were at their peak. Twitter users and celebrities have been mourning the company's closure today.
In one revealing blog post, a former HMV employee describes how he met the company's managing director to warn him about the threat of digital products. "Suddenly I realised the [boss] had stopped the meeting and was visibly angry. 'I have never heard such rubbish', he said." This proved to be HMV's downfall.
Will you miss HMV? Are physical products like the CD truly doomed? Share your reaction in the comments.