Communications Minister Pat Rabbitte has said HMV's decision not to redeem gift vouchers is "immensely regrettable".
Earlier, the music and film retailer confirmed it would not be redeeming gift vouchers in its Irish stores "for the time being".
The entertainment retailer went into administration last night, putting the future of 300 staff in its 16 Irish stores in jeopardy.
Gennaro Castaldo, the head of Press and PR with HMV, said: "That might well change, and if so there will be a communication made from the administrators themselves. If I were a customer, I would hang on to them and wait for further communication."
Pat Rabbitte said the company could have given a warning to customers given that its situation was "not exactly a surprise".
"They could reasonably have given warning to people," he said.
Minister Rabbitte said he hoped that HMV administrator Deloitte could come to some arrangement with consumers.