The music, games and DVD giant is the latest high street casualty after the failure of photography chain Jessops, which collapsed last week, while electrical retailer Comets went into administration in November last year.
HMV is to appoint Deloitte as administrator and the store's UK 238 outlets – seven of which are in the west of Scotland – will remain open while attempts to find a buyer for the business are made.
However, there are fears there will be widespread store closures as a result of the collapse, with 4350 jobs at risk.
The company's administration also means that vouchers and gift cards, many of which were given as Christmas presents, will be worthless.
Glasgow city centre has two major stores, in Buchanan Street and Argyle Street.
Customers of the 92-year-old firm visited stores today in to try and use gift cards and bag a bargain.
Amanda Weir, 31, a statistician from the West End received a £30 HMV gift card from her boyfriend for her birthday.
She arrived at the Buchanan Street branch shortly after 9am to see if she could use it.
She said: "When I heard the store was at risk, I came in today to see if I could use it.
"They said 'no', so the money has gone to waste.
"I can see why they're in trouble, everyone downloads music these days."
Student Sean Gallacher, 18, said: "I occasionally buy DVDs in HMV. I'll see what is being reduced now they've gone into administration.
"I hope to get a tablet computer if the price is brought down enough."
Callan Cuthbert, 19, a student from Kilmarnock, bought a pair of cut-price earphones from the chain this morning.
He said: "I'll definitely come back to see if I can get any more good offers."
Other shoppers expressed sadness at the collapse of the business.
Ryan Gorman, 19, from Coatbridge, said: "It's a bit sad – it seems like it's always been on the high street."
The group bought over some branches of the music and film retailer Fopp in 2007 after it collapsed.
There are two Fopp stores in Glasgow, which are also at risk from closure.