HMV in Receivership, Stores to Close by End of April
While no one will really be surprised, HMV has gone into receivership and the once mega store will have to close all Canadian stores by April 30th.
The Toronto Star is reporting that Hilco UK (HUK LTD), the company that purchased HMV in 2011 has been granted the ability to place HMV Canada Inc. into receivership. HUK 10 set this in motion with an Ontario Superior Court Justice approving the application.
The Star goes on to report that HMV stores are to end operations by April 30th, 2017 according to the agreements set forth by the Superior Court.
With changing ways people consume content, HMV has faced declining sales since 2012. With an understanding that HMV stores will continue to face financial losses, HMV is no longer able to sustain its current business.
HMV store will all be closed by April 30th, and we will keep you posted if the Canadian stores will be selling liquidation priced items.