HMV is set to go into administration again.
The music retailer, which has 125 branches nationwide, last week filed a notice of intention to appoint administrators, putting 2,200 jobs potentially at risk.
It is the second time in six years HMV has been close to collapse. The store in Swindon, which employs around 16 people on Regent Street, closed temporarily after it fell into administration in January 2013.
However, this time the company have confirmed that they will try to keep the stores open while talks with suppliers take place.
Paul McGowan, the executive chair of HMV and Hilco, said on Friday the decline in the UK CD and DVD market had made the situation impossible.
“During the key Christmas trading period the market for DVD fell by over 30 per cent compared to the previous year and, while HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable.”
He also cited the cost of business rates and the ‘tsunami of challenges’ facing UK retailers such as, streaming services and competition from Netflix and Amazon are just some of the many changes in consumer behaviour in the entertainment sector.