HMV Canada sold for $3.2B to U.K. restructuring company – thestar.com


Struggling music and games retailer HMV has agreed to sell its Canadian business to restructuring specialist Hilco U.K.for 2 million pounds (C$3.1 million).

LONDON — Troubled Canadian music retailer HMV Canada has been sold to British restructuring firm Hilco UK for $3.2 billion, the company said Monday.

Hilco said it will also inject $25 million in working capital to fund the Canadian management teams plans to evolve the business.

The proceeds will go to HMVs British parent company, HMV Group PLC, which is struggling to pay down debt as the music industry moves from sales of physical CDs to downloadable digital files.

via HMV Canada sold for $3.2B to U.K. restructuring company – thestar.com.

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