HMV is set to close all stores in the next few months after they were put into receivership yesterday.
According to court papers, HMV owed HUK 10 Ltd. $39 million, and hadn’t paid since the end of 2014.
HMV would need between $2-$5 million a year to stay open BUT they were losing up to $100K a day.
Court papers say all stores must cease operations by April 30th.
There are over 100 HMVs in Canada, with over 1300 employees
But it seems like now, more people are looking forward to the possible liquidation sales..and with all the cool stuff HMV has…can you blame them…GEEKS ASSEMBLE!!
They held out as long as they could..but it looks like HMV could finally be closing up shop. A report out of the Globe and Mail says that one of HMVs lendors will go to the Ontario Superior Court today to put the chain in receivership. That would pretty much end it’s run, closing down 100 stores.
They owe almost $40 million to firm HUK10
HMV has been losing money steady since 2013…their profits that year were $266 million, and only $193 million in 2016.
And apparently they haven’t paid HUK10 since 2014.
This isn’t the first time HMV got in trouble..they were bailed out in 2011 by a company, and moved more towards general merchandise, apparel, accessories, more of a geek den(I loved it lol)