Steve's Music Store liquidating inventory, 'will close certain locations'
· Toronto Sun
Montreal-based Steve’s Music Store, which has been around for “over six decades” with five stores, including the one on Toronto’s Queen St. W., says it’s “conducting an in-store liquidation sale and, over the coming months, will close certain locations.”
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“It is with a heavy heart that we have taken the difficult decision to undertake a formal restructuring,” says the message on the company’s website.
“Over the past several years, we have operated in an environment marked by significant disruption across the sector. These changes had an immediate and negative impact on our performance. Despite various efforts to adapt, we continue to face mounting financial pressure, which, after reviewing all our options, ultimately led to the current restructuring proceedings.”
A manager at the Ottawa store told the CBC on the weekend that the Montreal location, which opened in 1965, will be the only remaining brick-and-mortar store as the company moves to concentrate on online sales.
Unclear which stores will close
However, in an e-mailed statement to CTV News, vice-president Michael Kirman, son of founder Steve Kirman, said only “some” of its five locations are closing, but didn’t specify which ones will be gone.
A phone message left for Kirman on Monday by the Toronto Sun wasn’t immediately answered.
The news comes less than a year after the music shop celebrated 60 years in business.
“We have a long and storied history from our humble beginnings in 1965 at a single store front on Craig St. (Saint Antoine St.) in Montreal,” reads the website’s statement.
“We opened our Toronto store in the 1970s on Queen St. W. alongside the explosion of Toronto’s music community and the rise of the punk movement.”
The other locations are Dollard-des-Ormeaux and Greenfield Park in Quebec.
“Through this process we are looking to emerge a leaner and focused company to continue serving you,” said the website statement.
“Thank you for your continued support during this difficult period.”
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