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A POPULAR music establishment is closing all 42 of its stores after earning millions in revenue last year.
Family-owned and operated music retailer Sam Ash Music opened its doors to its first location in New York City in 1924 and was set to celebrate its 100th year in business.
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The retailer has begun closing all of its locations after filing for Chapter 11 bankruptcy back in May of this year, according to RetailDive.
This comes after Sam Ash Music earned more than $145 million in revenue in store for 2023, according to RetailDive.
The music retailer also generated $42 million in revenue in online sales and Sam Ash’s Samson segment earned around $33 million in revenue.
Sam Ash’s Samson segment designs, markets, and sells professional audio equipment to other retailers.
READ MORE ON STORE CLOSURES
In March, the company reportedly began closing 20 stores including its popular location in New York City, according to FastCompany.
Just two months later the music retailer announced it would be closing all 42 of its stores across 16 states, according to RetailDive.
The music retailer has locations in Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, and Virginia.
A week after announcing the store closures, Sam Ash Music filed for Chapter 11 bankruptcy claiming $100 million to $500 million in both assets and liabilities, according to RetailDive.
The music retailer highlighted adverse market conditions including the pandemic, which drove sales as reasons for the bankruptcy, according to RetailDive.
Sam Ash also added that its revenue declined over the last five years and that it relied too much on in-store traffic.
In July, a bankruptcy judge granted Mexican music retailer Gonher as the winning bidder for most of Sam Ash’s assets, according to RetailDive.
The deal was worth $15.2 million and Gonher received Sam Ash’s merchandise, intellectual property elements, trademarks, social media accounts, internet domain names, and customer data.
Gonher will not receive Sam Ash’s store closing sale assets.
Shoppers were treated to incredible deals at a Richmond, Virginia store location during the time of the retailer’s bankruptcy filing.
More on Sam Ash Music
Sam Ash Music opened its first store in New York City in 1924 and expanded across 16 states
The popular music retailer was founded by violinist Sam Ash and his wife Rose.
It operated 42 stores and sold a plethora of musical equipment including electric guitars, bass guitars, left-handed guitars, amplifiers, instrument cables, pianos and keyboards, and drums.
Sam Ash Music filed for Chapter 11 bankruptcy in May 2024 and will close all of its locations.
On July 13, the location was getting ready to close eight days later and offered 95% off 15 or more pieces of sheet music purchased.
The retailer also offered 80% off videos, and 70% off woodwind instrument reeds, followed by 60% off select drum accessories.
Shoppers were able to purchase merchandise which included a mix of new and used, as well as scratched, dented, or damaged musical instruments and accessories.
Drummers were treated to generous deals on an array of drum sets and accessories.
A selection of drum heads was marked down to 70% off.
Name-brand drum heads by Remo, Evans, and Aquarian which usually sell for $25 each were on sale for around $6.50.
The music retailer posted the message “The Next Chapter, Coming Soon,” in September.
Gohner is set to relaunch the website in the coming months, Alex Valdés, Gonher Group marketing manager said to RetailDive.
“There are currently no plans to reopen physical stores, our entire strategy will be focused on online sales,” Valdés told the outlet.
