The High Court has appointed an interim examiner to Golden Discs which has 20 stores around the country.
The court heard that six stores were loss-making and the group was now insolvent with liabilities amounting to around €9.5m.
The decision to appoint an examiner follows an application by Sony Music which says it is owed almost €1.4m by Golden Discs.
Counsel for Sony told the court that Golden Discs had a reasonable prospect of survival if it closed loss-making stores.
