Deloitte, the appointed administrators for UK retailer HMV, will first move to stabilise the business in order to continue trading, whist also searching for a potential buyer.

"HMV is an iconic retailer and continues to be a very popular brand, but as we have seen with many high street retailers, the market is changing rapidly and conditions are currently very tough," said Nick Edwards, joint administrator and restructuring services partner at Deloitte.

"Following our appointment, we are working closely with management and staff to stabilise the business in order to continue trading whilst actively seeking a purchaser for the business and assets. We appreciate the cooperation and support from the staff, customers, suppliers and landlords at what is clearly a difficult time."

Edwards along with Deloitte's Neville Kahn and Rob Harding have been appointed joint administrators.

HMV entered into administration on Monday, putting the jobs of over 4,000 employees at risk. The retailer currently operates 223 stores in the UK.

Source: GamesIndustry International