Final Sam the Record Man store may be closing as owners plan to retire

Canada's latest Sam the Record Man store may soon be closing its doors.

The owners of the Belleville store recently announced that they will be holding a “retirement sale” at the location.

While the store's fate remains up in the air, they tell CTVNewsToronto.ca that they may close if they can't find someone to take over the business.

“We're not closing now, and at my age, I obviously can't work forever,” said Spencer Destun, 84, who owns Sam the Record Man with his wife in addition to two other record stores. and son. “So a closure is likely somewhere in the future.”

Located in the Quinte Mall, the Destun store is the last store open in what was once Canada's largest record retailer chain. It opened 140 stores, including one in downtown Toronto, before the franchise filed for bankruptcy in 2001 and the Yonge Street location closed its doors in 2007.

The store carries CDs, vinyl records, cassettes, movies and some musical instruments. Those familiar with the store may recognize its neon sign, purchased in 2008 by Toronto Metropolitan University, officially known as Ryerson University.

For more than a decade, the Belleville location was still the latest. Destun marketed it for a year, hoping to pass the torch to one of the younger generations. It said it is now reconsidering its decision and took it off the market in December.

“We've changed a lot in 45 years, and I expect the next ten to 20 years to be very tumultuous, and I needed someone with new ideas,” he told CTVNewsToronto.ca. “If I was 25 years younger, we wouldn't be having this conversation.”

Going forward, Destun says it will consider all options available to it, including transferring ownership to key employees or developing an exit strategy.

He said the store could sell more quickly if the retirement sale is put back on the market in hopes of reducing inventory.

“Over 45 years, we've accumulated a lot of inventory,” he said, explaining that it's not true because it's what makes their store stand out from the crowd.

“But any newcomer doesn't need three copies of Pink Floyd's The Wall.”