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Musicland files Chapter 11: 284 record stores to be closed, guitar makers prepare for a financial hit.(INDUSTRY FOREFRONT)

Music Trades

| March 01, 2006 | COPYRIGHT 1998 Music Trades Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MUSICLAND HOLDINGS filed Chapter 11 on January 13, a victim of continued declines in the sale of recorded music. At the time of the filing, the chain, which operates over 800 Sam Goody, Suncoast, and MediaPlay stores, reported assets of $371.5 million and liabilities of $485.6 million. Financial data on the privately held company is not available, but management conceded that 2001 was the last profitable year.

Despite a bleak market for recorded music, Musicland management has initiated a sweeping restructuring plan to position the retailer for a profitable future. Sixty-one Media Play stores in 18 states will be shuttered immediately. Leases are set to be auctioned …

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Source: HighBeam Research, Musicland files Chapter 11: 284 record stores to be closed, guitar...

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