Closing sales have begun at 42 Sam Ash stores.
After 100 years in the music industry, things are looking dark for Sam Ash, at least in brick-and-mortar stores.
The iconic retailer has filed for Chapter 11 bankruptcy protection in New Jersey U.S. Bankruptcy Court. Tiger Group and Gordon Brothers are currently holding closing sales at the remaining 42 stores as they explore options for Sam Ash's future strategy. T
The company said it is considering the possibility of selling its e-commerce business and related intellectual property, as well as its wholesale business, called Samsung, in bankruptcy proceedings.
“Started by my grandparents in 1924, Sam Ash is one of the best-known and most iconic brands in the history of U.S. musical instrument retail, with an online presence and sales… It's still doing incredibly well,” said David Ash, CEO of the privately held company. Owned, New York-based retailer. “Unfortunately, in today's post-COVID-19 environment, the challenges to brick-and-mortar businesses have necessitated restructuring.”
Ash said the company is considering a number of strategic options in connection with the closing sale.
He added: “We believe that restructuring our debt and selling businesses or parts of our businesses is the best path to unlocking and maximizing value for the benefit of our stakeholders.'' ” he added. “stay tuned.”
Sam Ash stores are located in 16 states. States include Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, North Carolina, New Jersey, Nevada, New York, Ohio, Pennsylvania, Tennessee, Texas, and Virginia.
Tiger Group COO Michael McGrail said: “Sam Ash stocks a wide range of new and used products from some of the most well-known brands in music.” “All in the same store, you can find a $9,000 Spruce and Cocobolo Martin guitar perfect for a Nashville pro or a $200 Fender His bass that's the perfect entry level for a beginner. Such is the stock.
Our inventory includes guitars, amplifiers, effects, pianos, drums, cymbals, keyboards, microphones, professional sound and recording equipment, sheet music, band and orchestra instruments, and more.
Immigrant violinist Sam Ash and his wife Rose opened their first store in Brooklyn in 1924. Their sons, Jerry Ash and Paul Ash, veterans of World War II and Korea, respectively, began the growth of a business that continued into subsequent generations. Four generations of his family, most recently Sam and Rose's great-grandchildren, have played an active role in this iconic business.
A complete store list is available at: https://www.samash.com/store-locator.
