In late June Sam Ash Music announced that the winning bidder in its bankruptcy auction is Mexican corporation Gonher. Gonher’s $15.2 offer includes wholesaler Samson Technologies as well as select Sam Ash online assets.
All Sam Ash stores are still scheduled to close, but it’s being reported that some Sam Ash employees may be tranferred to similar positions within the Gonher business.
As previously reported in MMR Sam Ash, the nation’s second-largest MI retail chain, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey in May of this year with plans to shutter all of its 42 retail outlets across 16 states. At the time, the company stated that it was exploring options that could include selling its ecommerce operations and related IP as well as its “Samson” wholesale business.
The Sam Ash stores that will be closed are in Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, North Carolina, New Jersey, Nevada, New York, Ohio, Pennsylvania, Tennessee, Texas and Virginia.
