HMV Canada Going Out Of Business
January 27, 2017, 7 years ago
Earlier today, Friday January 27th, an Ontario Superior Court of Justice approved an application to place HMV Canada Inc. into receivership, reports The Toronto Sun.
HUK 10 Ltd., which lent money to the struggling chain, filed the application to the court Thursday January 26th. It claimed HMV owes it nearly $39 million and has received no cash payments since November 2014.
HMV would require between $2 million and $5 million annually in cash to stay open, according to court filings, and the company was losing $100,000 a day as customers turned towards online media in recent years.
Legal documents state that the 102 closing stores must cease operations by April 30th. Learn more at this location.
A statement at HMV Canada's official website reads: "HMV CLOSING all locations. Everything now up to 30% off original tickted price."
