HMV Canada sold to restructuring firm
Hilco UK acquires all 121 of the chain’s Canadian stores
U.K.-based music retailer HMV announced on Monday it has sold its Canadian unit, HMV Canada, to a British restructuring firm. Hilco U.K. has acquired 121 stores in Canada for $3.2 million dollars, and will provide $25 million in funding to continue HMV Canada’s operations. The firm’s long-term business strategy is focused on increasing the brand’s digital presence. HMV posted revenues of $360 million in 2010.
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