Daily News: February 11, 2013

Wells Fargo Business Credit Provides New Facility to hmv Canada

hmv Canada, a music and entertainment retailer, announced the signing of a new three-year $25 million credit agreement with Wells Fargo Capital Finance that will provide additional working capital support for the daily operations of the business.

“hmv Canada is a brand and business that has a great deal of meaning to the Canadian market and we are proud to support the company in its growth efforts,” said Holly Kaczmarczyk, head of the Business Credit division at Wells Fargo Capital Finance. “We look forward to building on this relationship and supporting the company’s continued success.”

“We are extremely pleased to have the support of Wells Fargo as we move forward in executing our business strategy,” said Harvey Berkley, chief financial officer, hmv Canada. “In addition to improving our operating flexibility and enhancing our capital structure, we believe this new credit agreement further validates the valuable role we can play in the Canadian retail market. Most importantly, though, it will help ensure that we continue creating an enhanced offering to drive our business forward, strengthening our supplier relationships and maintaining our position as Canada’s most trusted music and entertainment retailer.”

hmv Canada’s first store opened in 1986, from which it has grown to become a Canadian entertainment market leader with 113 stores from Newfoundland to British Columbia, including flagship locations in Toronto, Edmonton, and Montreal.