Music GroupsMusicland Files for Bankruptcy
The changing retail climate was altered again as Musicland Holding Corp. filed for Chapter 11 bankruptcy yesterday. The company has over 800 stores -- physical and online -- under the names Sam Goody, Suncoast Motion Picture Company and MediaPlay.com. The company announced last month its plans to close the Media Play chain.
Musicland last made a profit in 2001, claims this AP article. Sales have fallen to an estimated $1.1 billion in 2005 from $1.89 billion in 1999.
Sam Goody is the ninth largest music retailer in the country, right behind Tower Records and ahead of Borders.
