Jan 28, 2017
By Bob Sheppard
Long-time record retailer HMV is going out of business in Canada.
Approval was given Friday by an Ontario Superior Court of Justice to an application to place HMV Canada Inc. into receivership. Most of its head office personnel have been laid off. It employs about 1,340 people in Canada.
The application was filed on Thursday by HUK 10 Ltd., a company that lent money to HMV and claims to be owed close to 39 million dollars. It says it hasn’t received a payment on the loan since November, 2014.
With consumers moving more and more into online digital media, HMV claimed it’s been losing 100-thousand dollars a day at its 102 Canadian stores.
The stores must cease operation by April 30th.