Media retail chain owes $39M and loses $100,000 a day, according to court filings
The Canadian Press
Posted: Jan 27, 2017 6:28 PM ET
Last Updated: Jan 27, 2017 6:28 PM ET
An Ontario Superior Court of Justice approved an application to place HMV Canada Inc. into receivership on Friday.
HUK 10 Ltd., which lent money to the struggling chain, filed the application to the court Thursday.
It claimed HMV owes it nearly $39 million and has received no cash payments since November 2014.
HMV would require between $2 million and $5 million annually in cash to stay open, according to court filings, and the company was losing $100,000 a day as customers turned towards online media in recent years.
Senior Justice Geoffrey B….