It’s a sad time for teens of the 90s.
The weekend staple of times past (armed with your friends and your allowance), HMV Canada will become a thing of the past.
On Friday, an Ontario Superior Court of Justice approved an application to place HMV Canada Inc. into receivership.
HUK 10 Ltd., which lent money to the struggling chain, filled an application on Thursday that claimed that the company owes it nearly $39 million and has received no cash payments since Nov. 2014.
According to court filings, HMV would require between $2 million and $5 million annually in cash to stay open. At a time when most of our CDs are collecting dust in our parents’ garages and basements, this wasn’t likely.
FACT Magazine
In fact, according to the filings, the once beloved company was losing $100,000 a day (a day) as customers turned towards online media in recent years.
As the Canadian Press reports, Senior Justice Geoffrey B. Morawetz approved the application and appointed Gordon Brothers Canada ULC and Merchant Retail Solutions ULC as the agent to sell HMV’s remaining merchandise (the good news is that this likely means sales).
According to legal documents, closing stores must cease operations by April 30.
The company currently operates 102 stores in Canada and employs about 1,340 people, most of them at its retail locations.
RIP with Sam the Record Man, HMV.
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