The retailer appointed KPMG following a tough Christmas - HMV's second collapse into administration this decade.
It is unusual for administrators to honour gift vouchers and they do not normally give refunds for them either.
But, after protests, the then-administrators Deloitte said gift cards would be honoured.
Will Wright from KPMG 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.
"Customers with gift cards are advised that the cards will be honoured as usual, while the business continues to trade."
Speaking before the appointment of administrators, Alex Neill from Which?, said: "It's a worrying time for everyone when a company goes into administration but for customers, it's important to remember that your consumer rights may be affected.
"If you have recently bought anything from HMV, you may not be able to claim a refund or exchange the item if the company ceases trading.
"If you have gift vouchers you should try to spend these in-store as soon as possible.
"If you are planning to shop in HMV and intend to buy something worth more than £100, make sure you use a credit card as you'll be able to make a claim against your credit card company under Section 75 of the Consumer Credit Act if anything goes wrong."