HMV Canada to close all 102 stores – Financial Post

TORONTO • The digital music and movie boom has claimed another bricks and mortar victim, with HMV Canada set to close all of its 102 stores in the coming months after 30 years in business.

The ailing company, which first opened its once-expansive stores in Canada in 1986, was put into receivership in Ontario Superior Court Friday and the majority of its head office staff was laid off.

“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 Friday on behalf of the company. HMV’s stores in nine Canadian provinces will remain open for several weeks in order to liquidate remaining inventory, the company confirmed Friday. HMV owes its major suppliers, including music labels and media studios, $56 million as of Dec 31.

Before the birth of e-commerce, HMV, much…

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