I'm sorry for all the job losses there'll be (and it's sad to see everywhere closing down, but all I can do is verbally condemn the banks, Government, etc), but HMV is an overpriced waste of time which stocks shit and shit only. If you ever go to look for something which isn't on the epidermis of popular culture, if they have it at all, they have one copy of the worst of the artist's work going somewhere between £20-40.
And I don't believe that it's digital downloads and what have you which have put it at risk. They cater generally to casual consumers of media, who are probably more likely to download music and film (be it illegally of legitimately), and then stock a couple of shitty jazz and classical CDs as a tokenistic gesture towards those who take a more active interest in music. I think they need to reassess how they market themselves.