DESKTOP
TABLET (max. 1024px)
MOBILE (max. 640px)
Return to Top
Ludwig Van
Toronto Montreal

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.

Sorry, there are no polls available at the moment.

#LUDWIGVAN

For more CLASSICAL MUSIC NEWS, visit HERE.

Michael Vincent
Follow me

Michael Vincent

Michael Vincent is Publisher of Ludwig Van. He publishes regularly and writes occasionally. He has worked as a senior editor 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.
Michael Vincent
Follow me
Share this article
lv_toronto_banner_high_590x300
comments powered by Disqus

Ludwig Van Toronto

FEATURE | A Tour Of Toronto's Big Three Pipe Organs — Head-to-Head

By Anya Wassenberg on November 28, 2017

Ludwig Van tours three of the most important organs in Toronto — all Casavants — being among the largest in Canada, and one in the top 50 globally.
Read the full story Comments
Share this article
lv_toronto_banner_high_590x300

Q&A | 20 Questions For Keri-Lynn Wilson

By Ludwig Van on November 30, 2017

Canadian conductor Keri-Lynn Wilson sits down with Ludwig Van for our definitive Q&A designed to cut to the quick and have fun doing it.
Read the full story Comments
Share this article

TRUTH AND MATTER | A Thought Experiment For One-Off Classical Music Concert Goers

By William Beauvais on November 23, 2017

A fictional account of the one-off classical music concert goer and how do we get them to come back again.
Read the full story Comments
Share this article
lv_toronto_banner_low_590x300
lv_toronto_ssb_atf_300x300
lv_toronto_ssb_high_300x300
lv_toronto_ssb_mid_300x300
lv_toronto_ssb_low_300x300
lv_toronto_tsb_high_300x700
lv_toronto_tsb_low_300x700
lv_toronto_ssb_atf_300x300
lv_toronto_ssb_high_300x300
lv_toronto_ssb_mid_300x300
lv_toronto_ssb_low_300x300
lv_toronto_tsb_high_300x700
lv_toronto_tsb_low_300x700

We have detected that you are using an adblocking plugin in your browser.

The revenue we earn by the advertisements is used to manage this website. Please whitelist our website in your adblocking plugin.