Nipper the dog has been the face of HMV since the retailer was set up in 1921. The iconic photo of the dog staring at a gramophone has survived radio, television and even MTV.

But from the very first illegal song download, the writing has been on the wall for HMV. What has been surprising is that HMV lasted this long.

Several factors have led to its demise and the appointment of administrators today find a buyer or close down the company, which has 16 stores and nearly 300 workers in Ireland.

There is no doubt people are just spending less because times are tough. But what has sunk HMV is the advent of online retailers and downloads, both legal and illegal.

Apple has conquered the market for those who are prepared to pay for music through the iTunes stores. Many more people simply don't pay anything at all by accessing file-sharing sites. And that is despite crackdowns by the music industry.

The assault has also come in the shape of Amazon, the online giant who pulverizes everyone on the web. And from supermarkets, prepared to sell CDs and DVDs at minimal prices.

How could a specialist like HMV survive when the likes of Tesco can sell so much cheaper? (And remember until a couple of years ago HMV owned the bookseller Waterstones, also under threat from virtual and physical competition.)

The company has tried to reinvent itself it several times. First it tried to tempt customers into its shops by offering in-store downloads and latterly expanding into live music by buying concert promoters and music festivals.

This may have had a chance to succeed but the company was forced to sell the live music division to meet financial commitments. The latest turnaround plan saw its shops revamped to give over more space to selling the likes of iPads.

It’s questionable whether even this would have worked. The most recent financial figures from HMV, for the six months to the end of October last, show a massive loss of nearly €29 million and sales down close to 14%.

The plug has been pulled in recent days after suppliers from the music and video games industry refused to provide it with a €350m lifeline. That meant the company would probably not be able to meet its financial commitments and continue to trade.

The administrators will have time now to find out if there is a buyer for all or parts of the business and its more than 4,000 staff face an anxious time. The shops will continue to trade through this process.

Sadly, it looks like HMV will join the ranks of names destroyed by not just recession but by progress.