HMV Canada to Close All 102 Stores by April
posted on by Rafael Antonio Pineda
CD and DVD retail chain HMV Canada announced last Friday that it is closing all 102 of its stores in Canada. The Ontario Superior Court of Justice approved HUK 10 Ltd.'s application to place the company in receivership. HUK 10 Ltd. had been lending money to HMV Canada.
According to the application, HMV Canada owes HUK 10 Ltd. C$39 million, but has not received payments since 2014. The report elaborates that HMV Canada was losing C$100,000 a day, and required between C$2 million to C$5 million annually to stay open.
Stores must cease operation by April 30.
The Hilco UK restructuring firm purchased HMV Canada from HMV Group in 2011. Hilco later acquired HMV.
Source: CBC News
Thanks to Jesse Betteridge for the news tip.