The high street store, which specialises in music, movies and games, will remain open as its appoints administrator Deloitte. 4,350 jobs are thought to be at risk across 239 outlets, according to the BBC.
As of last night HMV gift vouchers are not being accepted.
"The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect," said HMV in a statement.
Apparently, the board "understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business".
HMV opened on Londonâ€™s Oxford Street in 1921.