A sad, but not surprising end is coming to HMV Canada.
The music retailer is being placed into receivership after an application to do so was approved by an Ontario Superior Court of Justice. This means HMV will close its remaining stores by April 30.
The application claimed HMV owed about $39 million to restructuring firm HUK 10 Ltd. as of January 24, and hasn’t paid off any of its debt since November 2014.
In order to stay open, HMV would have to pay back between $2 million and $5 million each year. However, the company is losing $100,000 daily as more and more people head online to get their music.
HMV Canada currently operates 102 stores across the country, employing 1340 people.
If you had any thoughts of buying some albums or movies, now would be the time to go before remaining stores disappear.