Gift cards are no longer accepted, 4,000 jobs are at risk and the future of HMV-owned Fopp is also unclear.
On Twitter and elsewhere, musicians and other stars from the world of entertainment have expressed their thoughts on the news.
"I'm devastated that HMV is closing down! I have been buying music in there for years.Going to the shops to buy an album is over."
"Horrible to hear about the state of HMV going in to administration.The death of the record store is sad. My 1st job in the industry was working in music retail.Downloading is convenient but nothing beats the record shop banter."
Paul Smith (Maximo Park)
"I made a pilgrimage to Newcastle on the x10 bus from Norton to see Teenage Fanclub do an instore in 1997 & it was magnificent.#hmvmemories."
"HMV... R.I.P. to the shop you used to be. My boxset binges are over... This is SO sad."
"hmv bankrupt. we may as well just give up on any medium that involves hard copy and get on with it. #sadtimes. i'd rather the death of the internet to be honest.... everything has to be so instant nowadays, it'll be the death of creativity, everything is churned out so quickly."
"Sad to see HMV go into administration today. Can't say I didn't see it coming - see extract from my book 2 years ago..."
"They'll be closing down musicians soon.. It ain't gonna get any better. One day they might come up with an alternative to shuvving everything into a computer.. Eggs.. Baskets.. Digital is a con."
"If HMV folds, where will we go to look at stuff and think 'Hmm, I'll order that cheaper from somewhere else when I get home'? . In all seriousness, I'll be upset if HMV goes down. It'll massively accelerate the death of the physical format, I reckon."
"Gonna miss visiting HMV when I'm in town i liked having nerdy film chats with the guys in there, still trying to get me a copy of THX 1138?x"
"#HMVEnfield Town was where i shuffled around after school waiting for someone cool to come in didnt happen. Easy to pass over with the nostalgia how little income passes through to an artist thru a download or stream compared to a CD/record."
"So HMV then. Music. Books. Oh. *Enrolls in plumbing course.* Alternately. *Disregards reality and carries on*..."
"People bemoaning the sadness about HMV need to park their 'realness' today. We should feel sad. Big loss of jobs and big hole on the high st."
"Long time since i was in #HMV, but I remember it well - one of the staff played this & blew my MIND. RIP. Ulrich Schnauss - On My Own."
"I'm really sad about HMV. Say what you want about it, but I'm genuinely sad."
"Hmv : ( this will affect music forever from the artists to the consumers, also feel sorry for every1 who's lost a job. I can't believe its come to this, not every1 gets that petrol station racking. Will in store signings still exist will physical sales still exist : ( times."
"I'm gutted about HMV. Worked there for years&loved it. Made some of my best mates there. Hope it gets saved at the last minute."
Vanessa White (The Saturdays)
"Genuinely gutted, I love HMV!"
"Gutted about Hmv. But you live by the sword die by the sword. Internet and downloading is the future. We need to just adapt or fall."
Everything Everything (Channel 4 News)
"Went passed the old HMV in west today said to know that it might be gone soon #TheTimesTheyAreChanging!"
Kevin Lyman (Warped Tour)
"RIP @HMV have a feeling one day i will not be able to take my grand children to a record store, kinda sad to think about. Support music."
"It's very sad to hear about HMV. I truly hope this does not spell the end for the future of physical retail in the music sector. #sadtimes"
Nick Hadouken (Hadouken)
"if you haven't bought a cd from hmv in the last 6 months you're not allowed to complain that it's closing down."