[Brazelton] HMV Canada

[ThatNickGuy]

http://www.cbc.ca/news/business/struggling-hmv-canada-goes-into-receivership-1.3956302

Music and movies retail story HMV will be closing down around 200 stores across Canada.

An Ontario Superior Court of Justice approved an application to place HMV Canada Inc. into receivership on Friday.

HUK 10 Ltd., which lent money to the struggling chain, filed the application to the court Thursday.
It claimed HMV owes it nearly $39 million and has received no cash payments since November 2014.

HMV would require between $2 million and $5 million annually in cash to stay open, according to court filings, and the company was losing $100,000 a day as customers turned towards online media in recent years.

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.

Legal documents state that closing stores must cease operations by April 30.

This is a damn shame. I liked HMV. If I had the money, I'd probably shop there more often. Good deals on movies and boxed sets. And had some fun tv/movie related merch.

I'm not surprised, though. Like Blockbuster, the physical entertainment business is dying. It's all Netflix and other online options. I still like buying some Blurays, personally, like the Marvel movies. But yeah, it's a dying medium. I'm a little surprised HMV lasted this long.

I feel bad for the HMV employees. I worked for Blockbuster Video for close to a decade, finishing off my employment with them at one of the stores in Toronto. I worked there when they announced the hundreds of stores closing, including ours. But with business slowing down, we saw the writing on the wall and weren't that surprised.

 

[Frank]

I'd feel for the company, but I haven't stepped foot in one in like 5 years, so obviously, I didn't care THAT much.

 

[Far]

I swear they were all closing like 5 years ago, maybe longer and had clearance sales and everything and then just...didn't

 

[Eriol]

I swear they were all closing like 5 years ago, maybe longer and had clearance sales and everything and then just...didn't

That might have been around the time that the parent company died. I think Canada was the last holdout.


Spent a decent amount of time in there as a teenager. HMV gift cards were always also a super-safe gift for just about anybody.

When the closing-out sales happen, I'll go. I'm sure there'll be something worth picking up.

 

[Simfers]

I have super fond memories of the HMV in Chicoutimi, where I lived for almost 20 years. NOWHERE else have I seen such a gigantic selection of metal music in a brick-and-mortar shop. Not even in the big ones in Quebec City (came closest) or Montreal. Archambault (the big alternative) never could compare.

I'll miss it, but I'd mostly moved on to Amazon already, or iTunes if I must.

 

[Chad Sexington]

This article reflects my feelings on the matter.

 

[Telephius]

This article reflects my feelings on the matter.

I work close to an HMV. They are only up to 20% on DVDs for their closing sale from last week's 10%. I figured I would see what the Game of Thrones seasons were going to cost. 20% off 40 bucks a season or I could get individual seasons on amazon for $29 or season 1-6 pack for $150 versus the $192 by buying all of them from HMV. The sad part is people are buying into the closing sales signs not even good closing sale percentages as 10-20% is pretty much standard fare mall sale pricing.

 

[PatrThom]

This is standard closeout practice. Raise all prices back to normal, then post blanket 10-20% off everything, slowly ramping up the discount as the last days approach.

--Patrick

 

[Telephius]

Oh I know I work retail. Just I am more sad people are clearing their shelves with just the starter percentage considering there are better prices elsewhere

 

[Jay]

Dropped by today... when your "closing sales" don't meet Amazon's "normal" price you simple shouldn't exist.

I haven't bought a DVD/CD in about 10 years now.