By Haley Rose

HMV stores to soon close doors across Canada

Jan 30, 2017 | 1:30 PM

MEDICINE HAT, AB — A store well known by music lovers and movie collectors across Canada will be closing its doors by the spring. 

Last week, the Ontario Supreme Court of Justice approved an application to put HMV Canada Inc. in receivership. 

HUK 10 Ltd, a subsidiary of the British restructuring firm Hilco UK which purchased HMV Canada in 2011, is confirmed to have lent money to the chain in the past, filed the application last Thursday.

HUK 10 Ltd. claimed that HMV hadn’t made any payments since November of 2014 and are now nearly $39 million in debt. 

As customers have adapted to the new and emerging world of online technology, stores like HMV have been losing business fast. 

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Reports claim that the company is losing about $100,000 a day. 

The company would require between $2 to $5 million dollars a year to stay open. 

Senior Justice Geoffrey B. Morawetz approved the application and appointed Gordon Brothers Canada ULC and Merchant Retail Solutions ULC as the agents to sell HMV’s remaining product. 

All 102 stores across Canada must close their doors by April 30 this year. 

HMV Canada first opened in 1986.

The HMV location in the Medicine Hat Mall declined to speak with CHAT Television and provide a statement.