Music retailer Sam Ash has filed for Chapter 11 bankruptcy protection after 100 years of operation, with stores set to close as part of a go-forward strategy.
The New York-based company is evaluating the potential sale of its e-commerce operations and related intellectual property, as well as its wholesale business Samson during the proceedings.
Store closing sales will begin at all 42 stores across 16 states as the retailer pursues options for its go-forward strategy.
“Unfortunately, in today’s post-Covid environment, the challenges to our brick-and-mortar business have necessitated a restructuring,” said David Ash, CEO of Sam Ash.
“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.”
Violinist Sam Ash and his wife Rose launched the first store in Brooklyn in 1924. Their sons, Jerry Ash and Paul Ash, began the growth of the business that continued over subsequent generations.
