A sit-in is under way at two HMV stores in Limerick after HMV Ireland went into receivership yesterday.

Staff say they are attempting to secure wages owed to them, including holiday pay and money they earned over Christmas.

All of the 16 HMV stores in Ireland will remain closed during the receivership process.

A receivership is more serious than the administration process that is in place in Britain.

Deloitte has been appointed receivers by HMV's lenders.

A spokesperson for Deloitte said that the receiver appointed to HMV will be talking to staff all over the country as part of its assessment of the viability of the company, and will be looking at options to facilitate payments to staff.

They are assessing the viability of the business and examining costs, including property overheads. They cannot say when the shops might reopen.

Receivership means customers with vouchers will definitely face a loss.

However, anyone who bought vouchers as a gift using their credit card/debit card can obtain a refund through a 'chargeback' from their card issuer.