ETOBICOKE, Ontario (CelebrityAccess) — HMV Canada Inc., the country's largest brick and mortar retailer of music and movies, has filed for bankruptcy and announced they are shuttering all of its stores within the next few months.
According to the Canadian Press, HUK 10 LTD, one of HMV's lenders, filed an application for receivership for the company late last week and it was approved by the court on Friday.
The filing says that HMV owes HUK 10 almost $39 million and has not made a payment since November, 2014. As well, the company was reported to be losing $100,000 a day as consumer tastes transitioned to on-demand digital content delivery.
HMV has 102 stores in Canada and employs about 1,300 people, mostly at their retail locations. The filings state that the stores must all be closed by April 30th, the Canadian Press said. – Staff Writers
