Chartbusters has closed all of its 16 stores with the loss of 22 full-time and 65 part-time jobs.
The company blamed the 'severe and unprecedented nature of the current economic downturn' saying it had reduced revenues sharply.
The company had engaged in discussions with parties hoping to sell the majority of its stores but it said it encountered difficulties mainly due to rents and upwardly only rent review clauses in its store leases.
A creditors' meeting has been called for November 12, when a statement of affairs will be presented.
