Chesterfield’s HMV store in Vicar Lane is facing closure after the company announced last night that it was entering administration.
The 92-year-old chain, which has 250-stores nationwide, appointed Deloitte as administrators this morning.
It is thought as many as 4,500 jobs are at risk.
HMV held discussions with its banks over the weekend but failed to agree on new terms for its debt.
It said in a statement issued on Monday night: “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.”
Gift cards and vouchers are no longer valid in store.