January 30, 2017
Chain owes $43million.
After thirty years in the game, HMV Canada will close all of its 102 retail stores by 30 April.
The struggling company was placed into receivership by Ontario Superior Court on Friday (27 January) when the majority of its head office staff were made redundant.
According to Financial Post, the retail chain owes its major suppliers, including music labels and studios, C$56 million ($43 million) as of the end of 2016.
“The company and major suppliers were unable to reach an agreement, on mutually acceptable terms to sustain HMV’s operations and support a recovery,” concluded court filings submitted by HMV Canada’s parent company Hilco Global/HUK 10 Ltd.
HMV Canada was launched by the original company HMV, which opened its first store in Britain in 1921, but since 2011 the Canadian offshoot has operated as its own entity. HMV in the UK is not thought to be affected by the ruling.
Read Next: A visual history of HMV on Oxford Street