FOR IMMEDIATE RELEASE: May 30, 2007
TORONTO: Jason and Bobby Sniderman, the sons of Sam Sniderman and present owners of the Sam the Record Man store on Yonge Street in downtown Toronto, today announced that the fabled store will be closing on Saturday, June 30, 2007. This momentous decision comes after much reflection and consideration of the vagaries of the retail record business, which has been in steady decline in recent years. Barely a day goes by without some commentary on declining CD sales, which have experienced a documented 35% drop in the Canadian Record Industry in the first quarter of 2007.
Said Bobby:
"We are making a responsible decision in recognizing the status of the record industry and the increasing impact of technology. But, there is a wonderful story to be told here, not about the current state of the industry, but about a family business that operated for 70 years in record retailing. Throughout that time, our family has made significant contributions to the music industry, for Canadian artists and to the community as a whole, but our greatest asset has been the contribution from the most gifted group of employees who share our dedication and love of music. This is about more than just bricks and mortar; Sam the Record Man is the most recognizable name in the Canadian Music Industry, an iconic legacy that will forever endure and perhaps, other opportunities will arise for us to develop the brand in the expanding delivery of music.â€
"We want to extend our gratitude to every person who has ever been associated with our organization; from all of the people in the music industry, to every shopper who came into our stores - even if they were just browsing - to celebrate this moment with all of the staff who have worked with us and finally, to share this with and pay tribute to our father, 'Sam’. Thank you all; this has all been very worthwhile and we truly appreciate your support.â€
Please note that this decision does not have any bearing on the two franchise stores in Belleville and Sarnia; which remain in operation.