The group, which trades from over 120Â stores and employs 2,200 staff, has called inÂ KPMG as administrators amid a cash crisis at the firm.
It is the second time in six years that the retailer, which has stores in Sheffield city centre and Meadowhall,Â has fallen into administration.
A number of Star readers have taken to Facebook to have their say on the news, with some claiming that HMV has failed to adapt to a changing market that focuses more on digital downloads.
Adam Reaney posted: 'Second time in six years - they've failed to move with the times.'Â
Rachel Louise added: 'It's a favourite shop of mine but man is it overpriced.
'Even vinyls are priced too high when you compare with Amazon.'Â
Nichola Turner said that she 'can't believe it's lasted as long as it has to be honest.'Â Â
There were plenty of other people who said they would be sad to see it go.Â
Caroline Stiff said: 'What a shame. I prefer a browse in HMV to buying online or in supermarkets.
'Hope the music industry will step in.'
Christina Bates added: 'I hope that HMV can be saved, it is one of my favourite stores.'Â
Jenny Essen posted: 'I'm gutted. I'm hoping it can be saved.'Â
A statement from the companyÂ said its UK stores would continue to trade as it held talks with major suppliers in the entertainment industry.
Buyers are also being sought to take over the business.
The appointment of administrators KPMG was confirmed following a hearing before a High Court judge on Friday evening.
Will Wright, partner at KPMG and joint administrator, said: "Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including a possible sale.'