A beloved music retailer now makes an unexpected closure, part of a plan to shutter several more stores, sources report.
Sam Ash Music in New Haven, Connecticut, is the last store of its name in the state, and come late May, it will shutter its doors for the last time, reports The-Sun.
Eric D’Eugenio confirmed with CT Insider that the location would be closing in the Spring.
While the corporate office did not give a reason as to why the location was closing, D’Eugenio was able to shed some light on the direction of the company.
He said that multiple other locations across the country are expected to close this coming year.
An employee of a Florida Sam Ash location that has recently announced its closure revealed that the company plans to close 18 stores total, as reported by The Patch.
The company was founded in Brooklyn, New York in 1924, eventually growing to 45 locations in 16 states; soon to be only 15.
As the location prepares to close, they are running storewide sales.
“I was a musician — not anymore. I still like to go in and look,” explained Bob Mansfield.
“But they don’t have much.”
Most items are currently only marked down by 5%, with some more specialized items reduced by up to 20%.
“I think it sucks,” said Mike Merrill, who had just bought an acoustic guitar just two weeks prior, reported the New Haven Register.
Merill is unsure where he will go to now, as physically testing out his instrument before buying it is integral to his creative process.
“If I’m going to buy an amp, I want to be able to play through it,” he said.
Jack Libero of Goldie & Libro’s, who is active in the local music scene is devastated to see the establishment close.
“It’s a situation where I don’t think it’s going to get better. I think it’s just the beginning,” he said of music shops closing down.
“It’s the effect of the economy, the effect of online buying,” said Libero, whose own establishment has only survived by selling through school systems and joining the nationwide Music & Arts conglomerate.
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Also Read: A New Round of Massive Layoffs Now Hits Pennsylvania
Other Economy News Today
A popular brewery now files an unexpected bankruptcy in efforts to restructure its finances after its liabilities surged upwards of $10m.
Gizmo Brew Works, which does business under the name Roth Brewing Company LLC, filed for Chapter 11 bankruptcy protection on March 8.
In its filing, the company checked the box that indicates that its debts are less than $7.5 million and it chooses to proceed under Subchapter V of Chapter 11.
“Both small business and subchapter V cases are treated differently than a traditional chapter 11 case primarily due to accelerated deadlines and the speed with which the plan is confirmed,” USCourts.gov explained.
Roth Brewing/Gizmo Brew Works shared that it has 50-99 creditors and assets $100,000 and $500,000.
The filing noted that the company does expect to have funds available for unsecured creditors.
The popular brewery operates three taprooms and sells its beer to go at those locations, reports TheStreet.
“Join us at Gizmo Brew Works Craft Brewery and Taprooms located in Raleigh, Durham, and Chapel Hill, North Carolina.
Find us for entertainment, live music, food trucks, beer specials, and most importantly, great-tasting craft beer by Gizmo Brew Works,” the company shared on its website.
The company estimates that it has between $1 and $10 million in liabilities (a broad range as the bankruptcy form does not provide a space to be more specific).
Gizmo Brew Works/Roth Brewing did not share a reorganization or funding plan in its bankruptcy filing.
An email request for comment sent through the company’s contact page was not immediately returned.
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Also Read: A Massive Retailer Now Closes And Begins Liquidation Sale
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