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HMV chief executive Trevor Moore and finance director Ian Kenyon are to take part in a conference call with journalists at midday about the company going into administration.
Shadow Business Secretary Chuka Umunna tweeted to say he used to buy his vinyl records from HMV:
Music chain HMV has stopped issuing or accepting gift cards after it was announced that Deloitte had been appointed as administrator.
HMV's 238 outlets will remain open while Deloitte attempts to find a buyer for some or all of the business, although it is likely that there will be widespread store closures as a result of the collapse.
Gennaro Castaldo, Head of Press and PR for HMV, tweeted to say:
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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.