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THE SCOOP | The End of an Era: HMV Goes Bankrupt

By Michael Vincent on January 28, 2017

(Photo: Stephen Dyrgas/Flickr)
(Photo: Stephen Dyrgas/Flickr)

The last of Canada’s big legacy record stores, HMV, has gone into receivership, with stores scheduled to close by April 3, 2017.

An application filed by HUK 10 Ltd., who bought the struggling HMV chain in 2011, was approved last week by Geoffrey Morawetz at the Ontario Superior Court of Justice.

The move comes after HMV could no longer make payments on its crippling debt to the tune of $39 million. The chain was profitable up until 2013, but after a significant decline in sales it has not made a single payment on the debt since November 2014.

According to the affidavit, HMV would require a $2 million emergency injection of funds to keep basic operations going.

The affidavit stated that HUK 10 has determined the decline of the iconic record store chain is likely to continue, and the business is no longer sustainable and would not provide further financial support.

There are currently 102 HMV stores operating across Canada, employing roughly 1,340 people.

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Michael Vincent
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Michael Vincent

Michael Vincent is the Editor-in-chief Ludwig Van and CEO of Museland Media. He publishes regularly and writes occasionally. He has worked as a senior editor for over fifteen years and is a former freelance classical music critic for the Toronto Star. Michael holds a Doctorate in Music from the University of Toronto.
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THE SCOOP | In The Spirit Of Handel's Messiah, Tafelmusik Gives Back With Charity Event

By Stephan Bonfield on December 10, 2018

Tafelmusik's 2018 partnership with CBC Sounds of the Season and Daily Bread Food Bank benefits families in need and goes straight to the heart of Messiah's message of compassion and generosity, hope and faith.
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THE SCOOP | Canadian Opera Company Announce Two New Opera Commissions

By Michael Vincent on December 11, 2018

The Canadian Opera Company today announced two major opera commissions: The Old Fools by Ana Sokolović, and La Reine-Garçon by Julien Bilodeau.
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THE SCOOP | Three Inspiring Artists Honoured With 2018 Canada Council Awards

By Michael Vincent on November 22, 2018

The Canada Council has today announced the winners of three of the most prestigious arts prizes in the country, each with a cash award of between $7,500 and $50,000.
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