Just as there seemed to be some hope for stabilization in the retail market for physical music, HMV in Canada has gone into receivership.
Not even catalog CDs, which have powered the compact disc market in recent years, and the resurgence in vinyl, could keep the Canadian version of HMV afloat. HMV in the U.K. was pared down to just a few locations four years ago while all locations in Ireland shut down in the middle of last year.
On Friday, the entire business was put into receivership in Ontario Superior Court leading to the closing of many of the remaining locations. Some stores will stay open to liquidate the company’s stock but there is an order that all operations must end by April 30.
Here in the U.S., CD retailers have pretty much disappeared from malls and plazas except for a few FYE stores while independent retailers have struggled along with the help of such events as Record Store Day. Most physical music purchases are now made at mass retailers like Wal-Mart, Target and Best Buy along with the Barnes & Noble book chain who has gone fairly heavily into vinyl.
