HMV which has a store at Lakeside in Thurrock is to appoint an administrator, putting a number of jobs at risk.
Deloitte will run HMV’s 239 stores in the UK while it assesses the prospects for the business and seeks potential buyers reports the BBC.
The store has been a fixture at Lakeside for a long long time.
HMV, which was started in 1921, has struggled against online retailing.
At Christmas, the shop opened up a pop-up store at Lakeside in an effort to drum up more trade.
The company’s troubles underline the gloom on the High Street and come after a string of high-profile failures, including the closure last week of camera retailer Jessops and electrical goods chain Comet’s collapse last year.
In a statement late on Monday, HMV said: “The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect. ”