Well, this is officially the end of Sam Ash. The retailer recently closed all their stores and now not only filed for chapter 11 bankruptcy, but will auction off all their assets.
According to Guitar.com, a “stalking horse bidder” is also in place, meanining that someone can swoop in and purchase the whole business unless someone else bids higher in the auction. Pieces of the business can also be bought individually, so who knows what’ll be the ultimate fate of Sam Ash. All the usual soulless corporate nonsense.
Sam Ash announced all their stores would be closing on May 2 and is estimated to be worth somewhere between between $100 million and $500 million. Right after the closure of their stores, Sam Ash issued the following statement:
“It is with a heavy heart that we announce that all Sam Ash Music store locations will begin store closing sales today. This unfortunate news also presents a fantastic opportunity for great deals across our premium selection of musical instruments & pro sound equipment. We will also be offering specials on SamAsh.com during this time. Thank you for allowing us to serve musicians like you for 100 years.”
Sam Ash originally closed 18 of its 44 stores earlier this year as they looked for a buyer. Unfortunately one never surfaced and here we are. You can shop Sam Ash’s website right here as the company continues to melt down whatever they’ve got in stock. Best of a bad situation, right?
The post SAM ASH To Begin Auctioning Off Their Assets appeared first on Gear Gods.
