Four of the five remaining HMV stores in Ireland will close over the next few months. HMV Belfast, the largest HMV worldwide will continue to trade. The remaining four stores in Dundrum, Henry Street, Liffey Valley and Limerick will close with the loss of 45 jobs. Hilco have confirmed the closures will take place over the next few months.

HMV will cease physical trading in the Republic and instead concentrate on an online-streaming platform. The service will launch in the final quarter of 2016, or the first quarter in 2017. The service will be available on all smart devices, smart TV’s as well as tablets, laptops and desktops.

Almost €6.5 million will be invested in the new platform as HMV aim to continue trading in a digital age that has dissipated the sales of physical music and movies. Paul McGowan, Chief Executive of Hilco Capital, owners of HMV said the platform will launch in Ireland, UK and also Canada.

Over 3,000 films will be offered across the platform to view or purchase.