The group managing the Hobart venues announced on Monday it was entering voluntary administration and an urgent sale process to find new buyers had been launched.
More than 80 people who work at the establishments, six of which are situated on the city's popular waterfront, have been stood down.
Among the closures include the Observatory Bar, dubbed Hobart's biggest nightclub, and live music hotspot the Republic Bar in the city's northern suburbs.
"The fact that we have reached this point is deeply disappointing," Ian Vaughan, director of Pub Banc Group and Hotel Banc Group, which owned the venues, said.
"Despite the efforts of our management team, staff and advisers to secure a viable path forward the businesses are not sustainable."
The group faced headwinds including rising operating expenses and a marked shift in consumer behaviour, he said.
Hospitality Tasmania chief executive Steve Old said the decision came as a shock and it would be shattering if the venues closed for an extended period or for good.
Mr Old said he understood there had already been some interest from potential buyers.
"It's tough. Everything seems to be going up, food, drinks, insurance and wages. If you don't have people flowing through it makes it extremely hard," he said.
"It's reflective of right around the country, and the world. People are being a bit more cautious with their spending and travel."
Administrator Apex Advisory said urgent expressions of interest had been sought for the purchase or recapitalisation of the group's assets including individual venues.
The immediate priority was communicating with employees about the next steps and the aim was to see the venues reopen under new ownership, it added.
"These are iconic venues with strong brands, prime locations and loyal patronage," Apex managing director Tim Booker said.
"We anticipate significant interest from hospitality operators and investors both within Tasmania and nationally."
Mr Old said the association was not seeking direct government help but urged politicians to talk up rather than talk down industries.
The closures come after a recent decision by the parent company of James Boag's to wind up production at the home of the beer in Launceston.
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