Store closing sales begin at all 42 stores
as iconic music retailer pursues go-forward business
strategy
NEW
YORK, May 9, 2024 /PRNewswire/ -- Sam Ash—the century-old American music retailer
that became a beloved institution for generations of amateur and
professional musicians alike—filed for Chapter 11 bankruptcy
protection on May 8, 2024 in the U.S.
Bankruptcy Court for the District of New
Jersey.
Tiger Group and Gordon Brothers
are now conducting store closing sales at all 42 remaining stores
as Sam Ash pursues options for its
go-forward strategy. Sam Ash is
evaluating potentially selling its e-commerce operations and
related intellectual property as well as its wholesale business
called "Samson" in the bankruptcy proceedings.
"Launched 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 retailing, with an
online presence and sales that remain incredibly strong," said
David Ash, CEO of the privately
owned, New York-based retailer.
"Unfortunately, in today's post-Covid environment, the challenges
to our brick-and-mortar business have necessitated a restructuring.
We are exploring a number of strategic options in conjunction with
these inventory sales. We believe that a restructuring of our
liabilities and a potential sale of the business or portions of the
business is the best path forward to unlock and maximize value for
the benefit of the company's stakeholders. Stay tuned."
The sales at 42 brick-and-mortar locations in 16 states
represent a truly rare opportunity for customers that include DJs,
producers, sound engineers, music educators and students, and
amateur and professional musicians, noted Tiger Group COO
Michael McGrail.
"Sam Ash offers a huge array of
new and used gear from the best-known brands in music," McGrail
said. "All within the same store, you could find a $9,000 spruce-and-cocobolo Martin guitar fit for a Nashville pro, or a $200, entry-level Fender bass that is perfect for
someone just starting out. This is the kind of inventory that
rarely, if ever, is available in a blowout sale. It's an
extraordinary event."
The stores are in Arizona,
California, Connecticut, Florida, Georgia, Illinois, Indiana, North
Carolina, New Jersey,
Nevada, New York, Ohio, Pennsylvania, Tennessee, Texas and Virginia.
The inventory is comprised of guitars, amps, effects, pianos,
drums, cymbals, keyboards, microphones, professional sound and
recording equipment, sheet music, band and orchestra instruments,
and more. Available brands, among many others, include Fender,
Gibson, Taylor, Martin, Yamaha, Takamine, Ibanez, Epiphone,
Jackson, Gretsch, Michael Kelly,
Samson, Hartke, Soldano, Friedman, Orange Amplification, Blackstar,
Boss, EVH, Tama, Ludwig, Zildjian, Paiste, Casio, Roland, Kawai,
Korg, Jean Baptiste and Carlo
Robelli.
Immigrant violinist Sam Ash and
his wife Rose launched the first store in Brooklyn in 1924. Their sons,
Jerry Ash and Paul Ash, veterans of WWII and Korea,
respectively, began the growth of the business that continued over
subsequent generations. Over the decades, the company grew and
evolved with American and music-industry history, including the
Great Depression, World War II, the rise of Rock n' Roll and Hip
Hop, the Great Financial Crisis and the shift into the Internet
age. Along the way, Sam Ash earned a
national reputation for high-touch service and its
customer-friendly "Come and Play®" ethos. Four generations of the
family, most recently Sam and Rose's great-grandchildren, have
played an active role in the iconic business.
Said David Ash, "Sam Ash would like to thank all of our
associates, customers, and business partners for their dedication
and continued support through these unprecedented times."
The full store list is available at
https://www.samash.com/store-locator.
Media Contact: At Jaffe Communications,
Elisa Krantz, (908) 789-0700,
377521@email4pr.com.
View original
content:https://www.prnewswire.com/news-releases/sam-ash-files-for-bankruptcy-protection-moves-to-reposition-company-302141383.html
SOURCE Tiger Group