Tuesday, February 12 15:16:29
The receiver to HMV Ireland has confirmed that 300 staff will be made redundant from its 16 stores, which will remain closed.
Following an assessment of the company's viability, the retail giant's receivers Deloitte concluded that HMV could no longer practice its business in the current marketplace.
The music and movie retail chain has faced stiff competition in recent years from web-based retailers and digital downloads.
The company's failure to act swiftly in adapting to the changing market, as well as other factors such as high rents, has led to its demise, retail analysts say.
The development will not come as a surprise to workers, who had previously been placed on temporary lay-off since the company went into receivership last month. They will now receive statutory redundancy.