HMV Canada announced today that it will close all 102 of its remaining stores across Canada on April 30. After 30 years in the business the music retailer was put into receivership Friday and the majority of its head office staff was let go.
The stores, including the massive Toronto flagship store on Yonge Street which opened in 1991, will remain in operation until they sell off most of their merchandise at liquidated pricing.
Last year, HMV closed both its Eaton Centre and Bloor St. stores. At the time, the president and CEO told us that the chain was still going to stick around in higher foot-traffic and less lease-onerous locations.
But, as the Financial Post reports, HMV owes music studios and labels around $56 million. Its creditors simply wouldn't let it continue any longer.
by Phil Villeneuve via blogTO
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