Just like the title says, HMV will be closing all 102 stores on April 30th (To be able to get rid of the remaining product).
To add to that, this means that around 1, 340 people will be losing their jobs – mainly retail staff jobs.
HMV was dealt with by an official receiver in Ontario Superior Court Friday where most of its head office staff was laid off. The company owes $56 million to its major suppliers – including music labels and media studios.
They were losing $100,000 per day because of customers switching to purchase/download/stream music online. In order to stay open, they would need to bring in $2-$5 million every year.