Administrators have been appointed for Dawsons Music.
Sales at the instruments retailer, which has a shop on Belfast's Royal Avenue, have fallen over the past year.
With the Covid-19 pandemic placing further financial strain on the business, the directors of the company decided to call in administrators.
Rick Harrison, partner at KPMG and joint administrator, said: "Dawsons is an iconic name in the music industry with its 'run by musicians, for musicians' philosophy
"While all stores remain closed due to the restrictions imposed as a result of the Covid-19 pandemic, we will continue to trade the business via its online platforms while we assess options for the business."
The company, one of the oldest retailers of musical instruments in the UK, employs approximately 75 people.