HMV Canada has been sold to British restructuring company Hilko UK.

HMV Canada is expected to expand their online presence with streaming content according to today’s press release, whilst retaining their CD and DVD stores.

“The management team of HMV Canada has built a plan that will extend the period over which the residual hard-copy music and film market can be maintained. The new product categories it is introducing to the business will help sustain sales levels during the transition of entertainment sales into the digital realm.” – Paul McGowan, Hilco UK Chief Executive

HMV Canada is expected to recieve $25 million from Hilco UK to continue their transition plan and additional details will be made available shortly.