Struggling HMV Canada goes into receivership, owing $39M to debtor

On Friday, the entire business was put into receivership in Ontario Superior Court leading to the closing of numerous remaining locations.

HMV now operates 102 stores in Canada and employs about 1,340 people, a lot of them at its retail locations.

A request for comment from Hilco Capital investment director Chris Emmott, a key player in the cross-border restructuring of the company, was not returned at press time.




Morawetz approved the application and appointed Gordon Brothers Canada ULC and Merchant Retail Solutions ULC as the agent to sell HMV's remaining merchandise.

"The company and major suppliers were unable to reach an agreement, on mutually acceptable terms to sustain HMV's operations and support a recovery", said court documents filed last week. HMV operates as a separate company in the United Kingdom and Hong Kong. The company had lent HMV Canada money, but was not repaid since November, despite a 39 million dollar loan. However, having functioned as a separate entity since retail restructuring firm Hilco UK purchased HMV Canada for $3.32m in 2011, the UK business is not expected to be affected. At the end of 2016, its annual sales dropped from $266 million to $193 million.

"These financial difficulties, combined with the further decrease in (HMV's) sales expected over the coming years, means the current situation is not sustainable", the affidavit said.

Related news:

Hot News

Fans turn on Steve Bould after bad display v Watford
Feb 01, 2017 - 01:34
Arsenal have officially named their starting line-up and substitutes to play host to Watford in a Premier League fixture tonight. After those two away defeats to Everton and City in December, Arsenal have quietly played themselves into some form.

isis-killer-beheading-video-story-top Tech Companies Worry About Cherished Tech Visas
Feb 01, 2017 - 01:33
For generations, this country has been home to immigrants like Sanaz. "Open doors brings all of U.S. together". Taking out the meaning out of Nadella's statement, we can sense the neutrality he has in his words.

isis-killer-beheading-video-story-top Hear from "FedEx Man", who stopped protesters from burning a flag
Feb 01, 2017 - 01:31
The group of six veterans told me they were outraged when they saw the video being shared on Facebook. Uhrin can be heard telling protesters to "back off" as they try to retrieve the flags.

isis-killer-beheading-video-story-top That $1300 5K LG Monitor Apple Sells is 'Unusable' Near WiFi Routers
Feb 01, 2017 - 01:27
There's no word whether the problem can be solved and LG has stated that this is an issue exclusively for the 5K UltraFine. Apparently the UltraFine 5K Display will flicker, disconnect, or freeze computers due to electromagnetic interference.

isis-killer-beheading-video-story-top Volkswagen is the world's biggest auto brand (again)
Feb 01, 2017 - 01:23
Slowly, VW has been clawing at Toyota's dominance, and in 2016, the German automaker finally took the top spot in auto sales. The German company's CEO Matthias Mueller recently said the firm would stop making volume leadership one of its chief goals.

isis-killer-beheading-video-story-top Trump Won't Target U.S. Citizens in Terror Strikes, Spicer Says
Feb 01, 2017 - 01:21
And he said in the campaign that his counterterrorism strategy would include killing the family members of suspected terrorists. The raid left nearly 30 others dead, including an estimated 14 militants and women and children, according to reports .

isis-killer-beheading-video-story-top Afghan and Iraqi migrants among first detained under Trump's ban
Jan 31, 2017 - 01:03
They were on their way to Charlotte, N.C. "The United States is a country where Christian traditions have an important meaning". The five Iraqis and one Yemeni all held valid immigration visas, yet were preventing from traveling board EgyptAir Flight 985.

Celebs Support #DeleteUber Movement Due To Company's Response To Muslim Ban
Jan 31, 2017 - 01:02
Interestingly, Uber's rival Lyft was spared similar backlash on social media despite continuing to offer rides during the strike. In a tweet sent during the strike , Uber said it would suspend surge pricing for users ordering rides to the airport.

Former secretary of Nazi propagandist Goebbels dies at 106
Jan 31, 2017 - 00:58
Unless you end up blaming the entire German population for ultimately enabling that government to take control. She said the objective of the film was "for future generations to be informed about all these things".

European Bonds Resume Slide on Faster German Regional Inflation
Jan 31, 2017 - 00:58
The central bank now buys EUR80 billion of euro-zone bonds a month in an effort to stoke growth and inflation across the region. Energy price increases sped up from 2.5% to 5.8%, while the cost of food saw the rate of gains jump to 3.2%.

FDA confirms elevated levels of 'toxic substances' in teething products
Jan 31, 2017 - 00:58
Borneman, a spokeswoman for Hyland's said that they discontinued the product due to their commitment to parents who trusted them. They didn't want to put the parents in a place between them saying the product was safe and the FDA warning.

Iran protests Trump's visa ban - agency
Jan 31, 2017 - 00:58
Trump's Iranian entry ban is the latest spat in what appears to be simmering tensions between Washington and Tehran. A White House official later named the restricted countries as Iran, Iraq, Syria, Sudan, Libya, Yemen and Somalia.

isis-killer-beheading-video-story-top Conservatives urge Sen. Casey to support Betsy DeVos nomination
Jan 31, 2017 - 00:58
She repeatedly refused to answer simple questions from senators about her stance on current policies and proposed changes. Levesque and Brouillette say they know DeVos personally and admire the work she has done over the last 30 years.

GM Planning Jobs Cuts At Canadian Plant
Jan 31, 2017 - 00:56
The head of the labor union alleged that GM, which plans to shift production to Mexico, was motivated by cheaper labor opportunities.

isis-killer-beheading-video-story-top Real Betis 1-1 Barcelona
Jan 30, 2017 - 01:11
Barcelona will certainly be upping their calls for goal line technology to be introduced to La Liga as they had a clear goal ruled out on Sunday afternoon.