Struggling HMV Canada goes into receivership, set to tighten stores

HMV Canada Inc. is set to tighten all of a stores within a few months after an Ontario Superior Court of Justice authorized an focus to place a association into receivership.

HUK 10 Ltd., that lent income to a struggling chain, filed a focus to a justice on Thursday and it was authorized on Friday.

It claimed HMV owes it scarcely $39 million and it has perceived no money payments given November 2014.

HMV would need between $2 million and $5 million annually in money to stay open, according to justice filings, and a association was losing $100,000 a day as business incited towards online media for their song and videos in new years.

Senior Justice Geoffrey B. Morawetz authorized a focus and allocated Gordon Brothers Canada ULC and Merchant Retail Solutions ULC as a representative to sell HMV’s remaining merchandise.

Legal papers state that shutting stores contingency stop operations by Apr 30.

HMV operates 102 stores in Canada and employs about 1,340 people, many of them during a sell locations.

Article source: http://www.cbc.ca/news/business/struggling-hmv-canada-goes-into-receivership-set-to-close-stores-1.3956302?cmp=rss