Struggling HMV Canada goes into receivership

An Ontario Superior Court of Justice authorized an focus to place HMV Canada Inc. into receivership on Friday.

HUK 10 Ltd., that lent income to a struggling chain, filed a focus to a justice Thursday.

It claimed HMV owes it scarcely $39 million and 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 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.

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