Business Services Industry
Music Network To Close 36 Stores
Business Wire, July 29, 2003
Business Editors
CHICAGO--(BUSINESS WIRE)--July 29, 2003
Huge Liquidation Sales now underway in 36 Peppermint Music,
Turtle's Music, Kemp Mill Music and Willies Music stores
It was announced today that the US Bankruptcy Court for the Northern District of Georgia has approved the liquidation and closure of 36 Music Network stores operating under the trade names of Peppermint Music, Turtle's Music, Kemp Mill Music and Willies Music. The stores (see attached list) are located in Alabama, Washington, DC, Delaware, Florida, Georgia, Maryland, North Carolina, Tennessee and Virginia. These 36 stores are being closed as part of Music Network's reorganization process, in an effort to streamline and strengthen its operations. All other Music Network stores will remain open and are conducting business as usual.
Mike Parkerson, Music Network President and Chief Executive Officer, stated: "During this brief sale, consumers will be able to take advantage of substantial discounts on an extensive assortment of music CD's, DVD's, cassettes, audio accessories, videos and more. All inventory in these stores needs to be liquidated quickly so we'll do what it takes to sell it off. I want to thank our associates for their loyal and dedicated service over the years. We are hoping to transfer as many associates to our operating stores as possible. Once these under-performing stores are closed, we will be in a position to refocus our energies and reinvest capital in our profitable stores."
A joint venture group comprised of Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners LLC, and The Ozer Group, LLC will manage the liquidation sales for this music retailer.
Michael Keefe, President of Hilco Merchant Resources stated on behalf of the joint venture: "We are extremely pleased to have been selected to participate in this important project. We expect this to be a very short sale because of the well known reputation of these music retailers and the very desirable merchandise and compelling discounts."
A list of the closing stores is attached.
The Music Networks List of Store Closings
Store
Store Type Name/Shopping Ctr Address City St
----------------- ---------------- ------------------ ---------------
Turtle's music Village Mall 1627-51 Opelika Auburn AL
Road.
----------------- ---------------- ------------------ ---------------
Peppermint Music EASTWOOD PLAZA 7887 Crestwood Birmingham AL
Blvd #3A
----------------- ---------------- ------------------ ---------------
Peppermint Music SELMA 1391 East Highland Selma AL
Ave
----------------- ---------------- ------------------ ---------------
Willies Music Eastover Plaza 4665 South Washington DC
Capital St SW
----------------- ---------------- ------------------ ---------------
Kemp Mill Music DUPONT CIRCLE 1619 Connecticut Washington DC
Ave NW
----------------- ---------------- ------------------ ---------------
Willies Music Wonder Plaza 2301 Georgia Washington DC
Avenue NW #C
----------------- ---------------- ------------------ ---------------
Turtle's music Marketplace of 251 Mary Esther Mary Esther FL
Santa Rosa Cutoff
Turtle's music Panama City 635-637 W. 23rd Panama City FL
Square St.
----------------- ---------------- ------------------ ---------------
Turtle's music Cordova 4771 Bayou Blvd., Pensacola FL
Collection C11-14
----------------- ---------------- ------------------ ---------------
Peppermint Music ALBANY MALL 2601 Dawson Rd Albany GA
Space E6
----------------- ---------------- ------------------ ---------------
Peppermint Music DUBLIN MALL 2001 Veterans Blvd Dublin GA
----------------- ---------------- ------------------ ---------------
Turtle's music Macon Mall 3661 Eisenhower Macon GA
Pkwy
Turtle's music Hatcher Square 2400 N. Columbia Milledgeville
Mall St. GA
----------------- ---------------- ------------------ ---------------
Turtle's music Mt. Berry Square 229 Mount Berry Rome GA
Square, NE
----------------- ---------------- ------------------ ---------------
Peppermint Music SAVANNAH 1900 E Victory Dr, Savannah GA
Ste 18
----------------- ---------------- ------------------ ---------------
Peppermint Music THOMASVILLE - Thomasville GA
GATEWAY PLAZA 15143 Hwy 19 South
----------------- ---------------- ------------------ ---------------
Willies Music University Blvd 2200 University Adelphi MD
Blvd
----------------- ---------------- ------------------ ---------------
Willies Music King Shopping 7027 Martin Luther Landover MD
Center King Jr Hwy
----------------- ---------------- ------------------ ---------------
Kemp Mill Music SILVER SPRINGS 8861 Colesville Rd Silver Spring
Suite B153 MD
----------------- ---------------- ------------------ ---------------
Turtle's music Boone Mall Hwy 321 Boone NC
----------------- ---------------- ------------------ ---------------
Turtle's music Eastland Mall 5409 Central Ave Charlotte NC
#AT3
----------------- ---------------- ------------------ ---------------
Willies Music Wellons Village 137 The Village- Durham NC
1000 Miami Blvd
----------------- ---------------- ------------------ ---------------
Willies Music Oxford Commons 3500 North Roxboro Durham NC
Rd #26
----------------- ---------------- ------------------ ---------------
Willies Music Berkeley Mall 621D Berkeley Mall Goldsboro NC
Space G4
Willies Music Summit Shopping 928 Summit Avenue Greensboro NC
Center
----------------- ---------------- ------------------ ---------------
Turtle's music The Plaza 714 E Greenville Greenville NC
Blvd.
----------------- ---------------- ------------------ ---------------
Turtle's music Jacksonville 384 Jacksonville Jacksonville NC
Mall Mall
----------------- ---------------- ------------------ ---------------
Turtle's music Twin Rivers Mall 500 Twin Rivers New Bern NC
Mall
----------------- ---------------- ------------------ ---------------
Turtle's music Capital 3517 Capital Blvd. Raleigh NC
----------------- ---------------- ------------------ ---------------
Willies Music Wilders Grove 4111 New Bern Raleigh NC
Center Avenue
Turtle's music Salisbury Mall 1935 Jake Salisbury NC
Alexander Blvd.
West
Turtle's music Signal Hill Mall 1653 E. Broad St. Statesville NC
----------------- ---------------- ------------------ ---------------
Turtle's music Johnson City 2011 N Roan St, Johnson City TN
#D3
----------------- ---------------- ------------------ ---------------
Willies Music Southside Plaza 4000 Hull Street Richmond VA
----------------- ---------------- ------------------ ---------------
Willies Music Oakhill Plaza 3125-3127 Richmond VA
Mechanicsville
----------------- ---------------- ------------------ ---------------
Willies Music Brookhill/Azalea 1114 Azalea Avenue Richmond VA
----------------- ---------------- ------------------ ---------------
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