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MusicWorld files for Bankruptcy
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| kotsy |
| quote: |
Music World files for bankruptcy protection
Music World Ltd., a Canadian music store chain, has filed for bankruptcy protection amid stiff competition from the internet and big-box stores.
The chain, which operates 72 stores across the country, was purchased by new owners only last Wednesday from its Toronto-based parent company, Pindoff Record Sales Ltd.
The new owners sought creditors' court protection on Friday, and plan to sell the inventory and some of Music World's more profitable stores, the Globe and Mail reported, citing court documents.
The chain is the latest victim of a music industry in turmoil. In June, Sam the Record Man closed its flagship Toronto store, citing declining traditional CD sales and the vast availability of CDs and digital music from online retailers.
Sales of CDs in Canada fell 35 per cent in the first quarter of 2007 to $68.7 million, from $105.6 million a year earlier, according to statistics from the Canadian Recording Industry Association.
Record stores also face competition from big-box stores which often sell compact discs at a loss to attract customers.
The new owners told the Globe and Mail they hope to close the stores
by early next year.
Source: http://www.cbc.ca/money/story/2007/...musicworld.html
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Looks like another big chain has bit the dust. The MusicWorld in the Quinte Mall here in Belleville has already been changed to an HMV. |
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| Rook |
old
they should have diversified like the rest of the retail music stores.
is changing in this world, those who arent innovative and constantly evolving will get left behind. |
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| RobotHouse |
| and they had selection and were over priced on everything |
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| m2j |
| quote: | Originally posted by RobotHouse
and they had selection and were over priced on everything |
yea, musicworld sucked. |
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| ItalianPoiSon |
| seen this one coming......hmv is a hellava lot better...... |
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| Elendil |
| Yeah, no big shocker here... I haven't been in there in years. |
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| exstasie |
a co-worker went to MusicWorld on Thursday at the Eaton Centre and told me they had some awesome stuff on sale.
Movies/Games/Music...etc |
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| catinthehat |
| quote: | Originally posted by exstasie
a co-worker went to MusicWorld on Thursday at the Eaton Centre and told me they had some awesome stuff on sale.
Movies/Games/Music...etc |
clearance sale lol? |
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| kotsy |
| Personally, I didn't think HMV was any better in pricing. When I was younger I bought most of my CDs from FutureShop and they always had an awesome selection. I remember brand new CDs were always $13.79 |
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