HMV has more than 235 stores and more than 4,000 employees.
Deloitte, expected to be appointed as HMV administrators tomorrow morning, won't make any comment tonight.
It is impossible to tell at the moment how many, if any of the stores can be saved.
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.
The boss of HMV said he is confident a solution can be found to keep the brand on the High Street. In what form, however, is less clear.