Record stops spinning for Music World
EmptyTORONTO -- Canada's last independently owned music retailer, Music World Ltd., has filed for bankruptcy protection as a prelude to dismantling itself.
The Toronto-based chain said in documents filed with the Ontario Superior Court of Justice that its new owners will begin selling off profitable stores early next year, the Globe and Mail newspaper reported Tuesday.
One possible buyer is British-based HMV, which will be Canada's only remaining large music retailer once Music World exits the market.
Music World, which operates 72 stores countrywide, was sold last week by parent Pindoff Record Sales Ltd. to a consortium after it sustained mounting losses in recent years.
Music World and other Canadian retailers have faced falling sales of CDs and DVDs as their use slowly fades in the emerging digital age.