Sam the Record Man goes broke

Sam the Record Man goes broke - Sam the Record Man goes...

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Sam the Record Man goes broke: 'We just couldn't do it anymore,' says 81-year-old founder Hollie Shaw 31 October 2001 (c) National Post 2001. All Rights Reserved. Sam the Record Man, Canada's last remaining family-owned record store chain and a strong supporter of homegrown artists, announced yesterday it has filed for bankruptcy and will close 24 stores across the country. The news marks the end of a long struggle by the 53-year-old retail dynasty to stay afloat amid mounting pressure from newer rivals and upstart technologies. "We met with the accountants and the lawyers last week and said we just couldn't do it anymore," Sam Sniderman, the company's 81-year-old founder, said from his home last night. In its heyday, the chain had more than 100 locations and was Canada's leading specialty music retailer. Few retailers supported Canadian musicians like Sam's did. The company never refused a Canadian artist shelf space, taking in the home-pressed discs of unsigned musicians and selling them, with few strings attached, for 60 days. "Every one of the stores has a section for Canadian artists," Mr. Sniderman said proudly.
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Sam the Record Man goes broke - Sam the Record Man goes...

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