HMV to Sell Canadian Holdings

ANOTHER ONE BITES THE DUST: Struggling British retailer HMV will sell off its 125 Canadian stores to restructuring specialist Hilco's Valco Capital Partners arm. The Sunday Telegraph reported the Canadian sale was expected to bring in some 5 million pounds for HMV, which has issued four profit warnings this year. Earlier this month, HMV secured a 220 million pound refinancing deal that would effectively involve British taxpayers taking a stake in the group. Last month, HMV sold its Waterstone's book chain to Russian billionaire Alexander Mamut, pledging to use the 53 million pounds proceeds to cut 170 million of debt. (6/27a)