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HMV has called in administrators after attempts to turn the struggling music and entertainment retailer around failed.
ITV News' Business Editor Laura Kuenssberg reports.
Twitter users have been sharing their favourite memories of HMV after the news that the music retailers has gone into administration.
HMV chief exeutive Trevor Moore has spoken to ITV News' Business Editor Laura Kuenssberg about the events leading up to the retailer entering administration.
He also said the expectation is that "employment would continue" for the company's 4,500 "hugely loyal" employees.
When asked if he takes responsibility for what had happened, Mr Moore said: "I would have liked more time to have been able to develop the solution that I have for the business and implement that plan.
"I very much hope we can bring a business out on the other side".
Trevor Moore said his responsibility as Chief Executive of HMV is to develop the business, evolve stores and develop a compelling web presence.
HMV Chief Executive Trevor Moore says he takes responsibility for the business and there is "bright future for HMV".
He added that the next 24 hours will give a clearer timetable of what happens next.
HMV Chief Executive Trevor Moore told Business Editor Laura Kuenssberg he is unable to answer how many jobs will survive but the company has a plan they will talk through with administrators.
He added that he is not giving up on the retail chain and he has "every bit of enthusiasm" he had in September when he joined the company.
Latest ITV News reports
Following outrage from customers, the administrators running HMV have announced they will honour gift vouchers for the high-street chain.
HMV is not honouring its gift vouchers, leading to an uncertainty that is threatening to change the way Britain gives its gifts.