'Sam the Record Man' files for bankruptcy
Last Updated: Wednesday, October 31, 2001 | 4:50 PM ET
CBC News
The chain had been propped up by the Sniderman family in recent years, amid hopes that it could overcome fickle consumers, fierce competition, increasingly narrow margins, and the availability of free music downloads from the Internet.
But in the end, the family couldn't hang on.
"Until very recently, we believed that if we persevered, we could turn things around," said Sam Sniderman, the 81-year-old son of the firm's founder.
"The family's own commitment to the promotion of Canadian talent will continue," he said.
Sam Sniderman Sr. opened his first store in the mid-1920s. Sam Jr. began working there in 1937. In 1959, he opened his flashy landmark store on Toronto's downtown Yonge St. At one time, Sniderman claimed it was the largest retail record store in the world.
Its Boxing Day sales in the last few decades have been hugely popular events, with people lining up for blocks.
From the start, Sniderman and "Sam the Record Man" were synonymous with a move to "Buy Canadian" and support Canadian music artists.
Sniderman had a hand in establishing the "CanCon" regulations that mandated that Canadian artists be guaranteed at least a minimum amount of airplay on Canadian radio stations.
He started expanding nationally in the 1960s, establishing dozens of company-owned or independently-operated "Sam's" stores across the country.
But in recent years, "Sam" the entrepreneur faced more and more competition from big international chains like Britain's HMV.
A release said the Sniderman family hoped the business would "ultimately survive in a refocused form."
A spokesman for the bankruptcy trustee said it will be "moving quickly to consolidate the operations across the country for a major coast-to-coast sale."
The bankruptcy filing applies only to the 30 stores owned by the Sniderman family. Eleven independent franchises licensed to use the "Sam the Record Man" name are not included in the bankruptcy.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Accused in blast that killed Alberta mom handled her funds
- Seniors float above Montreal's Quartier Latin
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students and province to resume talks
- Lip-dub marriage proposal an internet hit
- Syrian regime denies role in Houla massacre
- B.C. NDP calls for unity in fighting coast guard closure
- Canadian Pacific strikers face back-to-work legislation
