MVC has called in administrator Kroll, which blamed the group's demise on changing market dynamics, such as bigger competition from supermarkets and internet piracy.
No job losses have been announced and the retailer will continue to trade as normal over Christmas. All employees will continue to be paid as part of the administration.
Kroll denied MVC's management was at fault. Joint administrator Andrew Pepper said: 'We are confident that we will be able to continue trading the business during the Christmas period while we review the options and are hopeful that we will be able to find a buyer for the business. The stores remain open and are well stocked and we hope our customer base will support us.'
The administration comes only four months after a group of investors led by Argyll Partners bought MVC from Woolworths for£5.5 million.
MVC operates 73 stores across the UK. Last available figures show a turnover of approximately£120 million and the company employs about 700 permanent staff.
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