Struggling music and games retailer HMV has agreed to sell its Canadian business to restructuring specialist Hilco UK for 2 million pounds ($3.2 million).
As part of the deal, HMV said Monday that it retains an undisclosed amount of debt owed by the Canadian unit, which operates 121 stores.
For the year ending April 24, 2010, HMV Canada generated sales of 222 million pounds and reported an operating profit of 2.3 million pounds.
HMV previously announced the sale of its Waterstone’s bookstore business in Britain as the company struggles to survive against competition from supermarkets, internet retailers and new forms of music distribution.
