HMV Group Sells Canadian Stores To Hilco UK
The sale of HMV Canada comes as its struggling U.K. parent continues to restructure.
TORONTO – Britain's HMV Group has sold 121 Canadian stores to Hilco U.K., the retail restructuring specialist, for $3.3 million.
The sale of HMV Canada includes Hilco U.K. providing up to $25 million in operating capital to help local management grow the business online.
The management team of HMV Canada has built a plan that will extend the period over which the residual hard-copy music and film market can be maintained,” Paul McGowan, Hilco U.K. CEO, said in a statement Monday.
HMV Canada was at one time a major music retailer here, but has been hobbled by consumers increasingly going online for music, and falling physical CD and DVD sales.