Ture there are several ways to file bankruptcy but the reasons are usually a) to restucture the debts or b) to erase the debt. The causes are basic supply and demand, most of the time too much supply and too little demand.
The passing of a Canadian Icon
I spent half my disposable income there in the early 80's, found true love inside (many cherished LPs), and outside (met my first wife on that very corner.) And now they're calling it quits after 40 years.
Canada's icon of music since 1961, Sam The Record Man, declared bankruptcy on Tuesday. The 81-year old Sam hoped that his flagship Yonge St. store would continue to operate after the bankruptcy, but revealed that the family had supported the money-losing chain for several years. No doubt HMV, Future Shop and the Internet took their irrecoverable toll on one of Toronto's most known music landmarks.
I can remember hunting for impossible-to-find Mobile Fidelity titles, the huge hangar-sized classical and jazz departments, and a staff that seem to know where anyone who had ever recorded anything at anytime was precisely located.
This was a store that still carried vinyl and lots of it, and where browsing for hours was encouraged. And openly supporting and promoting home-grown talent that would have otherwise gone unoticed was a Sam's trademark that help many Canadian musicains make their mark, both domestically and abroad.
Sam's was dragged kicking and screaming into the CD and online ages -- never succumbing to the fast pace and flashy interiors of today's multimedia superstores. Perhaps that was his demise, but it is also a somewhat sad reflection of how retailing has changed. So many Saturday nights I spent, flipping through LP's, listening to the classical choices on the in-store system, and asking questions to which I always received answers. This was a part of my life.
Sam, you will be sadly missed by all.
Canada's icon of music since 1961, Sam The Record Man, declared bankruptcy on Tuesday. The 81-year old Sam hoped that his flagship Yonge St. store would continue to operate after the bankruptcy, but revealed that the family had supported the money-losing chain for several years. No doubt HMV, Future Shop and the Internet took their irrecoverable toll on one of Toronto's most known music landmarks.
I can remember hunting for impossible-to-find Mobile Fidelity titles, the huge hangar-sized classical and jazz departments, and a staff that seem to know where anyone who had ever recorded anything at anytime was precisely located.
This was a store that still carried vinyl and lots of it, and where browsing for hours was encouraged. And openly supporting and promoting home-grown talent that would have otherwise gone unoticed was a Sam's trademark that help many Canadian musicains make their mark, both domestically and abroad.
Sam's was dragged kicking and screaming into the CD and online ages -- never succumbing to the fast pace and flashy interiors of today's multimedia superstores. Perhaps that was his demise, but it is also a somewhat sad reflection of how retailing has changed. So many Saturday nights I spent, flipping through LP's, listening to the classical choices on the in-store system, and asking questions to which I always received answers. This was a part of my life.
Sam, you will be sadly missed by all.
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