HMV Canada – the country’s biggest physical retailer – has fallen into receivership with over 100 outlets to close by the end of April.

HMV has long been seen as a beacon to the physical music business in Canada: $118.9m of the $335.8m music sales in Canada throughout 2015 were physical releases. The loss of over 100 storefronts will no doubt see this number take a huge hit.

The company was placed into receivership on Friday, with most senior staff made redundant.

The Financial Post reports that HMV Canada owed over $56 million (AUD $56.3m), posting annual net losses of about CAN $20 million (basically AUD $20m) between the financial years 2013 and 2015, with a projected loss for 2016.

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