HMV, once one of Canada’s most popular physical media stores, has announced plans to close all 102 Canadian store locations by April 30, 2017.
The news comes after the company filed an application for receivership with the Ontario Superior Court, which was approved on Friday, January 27.
First opened in 1986, HMV had been struggling in recent years and the announcement doesn’t come as much of a surprise to many, as the popularity of physical media has sharply declined with the rise of digital streaming.
Most of HMV Canada's head office staff has been laid off and in court documents, the company is said to owe $39 million to HUK 10 Ltd., a restructuring firm that lent money to HMV. The documents also indicated that the chain owes $56 million to various music labels and was losing $100,000 per day -- the company would have required upwards of $5 million annually to remain open.
Expect to see clearance sales in the coming weeks as stores clear inventory, making it a great opportunity to look for music, movies and memorabilia. Their website currently notes that everything is up to 30% off, but expect steeper price cuts as we inch closer towards the closure date.
Surprised by the announcement? Looking forward to sales on Nicolas Cage movies? Leave a comment to share your thoughts about the closure or any fond memories you have of HMV.