Sam Goody
Encyclopedia
Sam Goody was a music
and entertainment
retailer in the United States
and United Kingdom
, and was owned and operated by Trans World Entertainment
which also runs FYE
, Saturday Matinee, and Suncoast Motion Picture Company
. It specialized in music, video, and video game sales. In 2008 Trans World
converted most Sam Goody stores into FYE
, however some still operate under the Sam Goody name.
Later, The Sam Goody name was first applied to a chain of record stores, the first of which opened in 1951, which were established by Sam Gutowitz (1904-1991) of New York City. The company was acquired by rival Musicland
, based in Minneapolis, in 1978. Sam Goody continued to grow through both acquisitions and organic growth, including the launch of its website. The stores averaged 4600 square feet (427.4 m²) but varied in size from 1000 to 30000 square feet (2,787.1 m²). The Musicland
Group was once the largest music retailer in the country, operating at its peak more than 1300 stores, over 800 of them Sam Goodys, and earning over $2 billion in annual revenue.
attempted to diversify its retail holdings by purchasing Musicland. Best Buy's attempt to transform Musicland into a youth-oriented small-format technology hub failed after two years of ownership. Losses were exacerbated by a decline in physical CD sales in line with the general decline in CD sales., and by competition from big box retailers. Just weeks before Best Buy was prepared to liquidate the entire chain of stores (and after closing several hundred), they found a buyer in Sun Capital Partners, a private equity firm out of Boca Raton, Florida
, which acquired the chain in a cash-free transaction by acquiring Musicland's liabilities.
Group filed for Chapter 11 bankruptcy in the United States Bankruptcy Court
for the Southern District of New York. In February 2006, the company announced the closing of 226 Sam Goody and 115 Suncoast Motion Picture Company
stores. Following the closings, the Sam Goody chain was left with 191 stores.
, which had been acquiring their competitors for several years, announced the purchase of 400 Sam Goody and Suncoast stores. Trans World kept 345 of the stores open around the country and closed 55. In the fall of 2006, Trans World Entertainment Corp. began changing the names of mall-based Sam Goody stores to FYE
, the company's signature retail store. Trans World retained the Suncoast Motion Picture Co. name on about 170 stores.
After a dismal fourth quarter 2006 and a lackluster year in general, Transworld admitted that it failed to anticipate some of the challenges that remained associated with the remaining Musicland stores that it acquired, especially the "Sam Goody Rural" concept located in small communities. As a result, they announced more store closings, many of which were likely to be former Musicland stores.
Trans World has announced their intention to focus on the f.y.e.
brand and convert all Sam Goody stores to f.y.e stores in the future. As of February 2008, Trans World removed the Sam Goody brand from its corporate website.
and Stockport
, with a "deep catalogue" retail format that included a large amount of "recurrent" music albums and videos. However, whereas this format might have been successful in the United States
in the 1980s and early 1990s, in the United Kingdom
it came under pressure from a range of price led and established retailers. By the start of the 2000s Sam Goody had exited from UK marketplace, selling its stores off to rival retailers.
store was launched to much "fanfare" in a new retail development at the end of the Mersey Way shopping centre over two floors and mezzanine, with a special listening post area with a view of the entire mall.
However Sam Goody misjudged the marketplace and opened its store directly across the way from the slightly cheaper Our Price
store, as well as nearby the successful Stockport
value retailer Music Zone
(Trade Direct) and HMV
. Even though the store featured a larger amount of stock than its rivals and more obscure records, this was not enough to tempt the shoppers of Stockport away from the English companies, who preferred to shop around for the best deal. The store closed and the unit is now taken by a building society.
store was sold to American rival Tower Records
who rebranded it as Tower Express before they also decided to quit the UK market.
Music
Music is an art form whose medium is sound and silence. Its common elements are pitch , rhythm , dynamics, and the sonic qualities of timbre and texture...
and entertainment
Entertainment
Entertainment consists of any activity which provides a diversion or permits people to amuse themselves in their leisure time. Entertainment is generally passive, such as watching opera or a movie. Active forms of amusement, such as sports, are more often considered to be recreation...
retailer in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, and was owned and operated by Trans World Entertainment
Trans World Entertainment
Trans World Entertainment Corporation is a chain of entertainment media retail stores in the United States. It currently operates just over 440 freestanding and shopping mall-based stores under several brand names....
which also runs FYE
Fyé
Fyé is a commune in the Sarthe department in the region of Pays-de-la-Loire in north-western France.-References:*...
, Saturday Matinee, and Suncoast Motion Picture Company
Suncoast Motion Picture Company
Suncoast Motion Picture Company is an American chain of retail stores specializing in recorded videos, particularly movies but also carried television series. The stores have sold them in the VHS, Laser Disk, DVD, HD, and Blu-ray formats. The stores also carry various other items, including...
. It specialized in music, video, and video game sales. In 2008 Trans World
Trans World Entertainment
Trans World Entertainment Corporation is a chain of entertainment media retail stores in the United States. It currently operates just over 440 freestanding and shopping mall-based stores under several brand names....
converted most Sam Goody stores into FYE
Fyé
Fyé is a commune in the Sarthe department in the region of Pays-de-la-Loire in north-western France.-References:*...
, however some still operate under the Sam Goody name.
History
Sam Goody (the person) opened a small record store on New York's 9th Avenue shortly after the advent of vinyl long-playing records in the late 1940s. Although he did some retail business, most of his volume was in mail-order sales at discount prices. He became something of a folk hero among impecunious college students as the first successful large-scale LP discounter.Later, The Sam Goody name was first applied to a chain of record stores, the first of which opened in 1951, which were established by Sam Gutowitz (1904-1991) of New York City. The company was acquired by rival Musicland
Musicland
The Musicland Group, Inc. was an entertainment company which ran Sam Goody, Suncoast Motion Picture Company and the Media Play Superstore Chain. Musicland filed for Chapter 11 Bankruptcy in January 2006. Trans World Entertainment which runs FYE, and sells CDs, DVDs, and video games, purchased...
, based in Minneapolis, in 1978. Sam Goody continued to grow through both acquisitions and organic growth, including the launch of its website. The stores averaged 4600 square feet (427.4 m²) but varied in size from 1000 to 30000 square feet (2,787.1 m²). The Musicland
Musicland
The Musicland Group, Inc. was an entertainment company which ran Sam Goody, Suncoast Motion Picture Company and the Media Play Superstore Chain. Musicland filed for Chapter 11 Bankruptcy in January 2006. Trans World Entertainment which runs FYE, and sells CDs, DVDs, and video games, purchased...
Group was once the largest music retailer in the country, operating at its peak more than 1300 stores, over 800 of them Sam Goodys, and earning over $2 billion in annual revenue.
Best Buy
Trouble struck after Best BuyBest Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
attempted to diversify its retail holdings by purchasing Musicland. Best Buy's attempt to transform Musicland into a youth-oriented small-format technology hub failed after two years of ownership. Losses were exacerbated by a decline in physical CD sales in line with the general decline in CD sales., and by competition from big box retailers. Just weeks before Best Buy was prepared to liquidate the entire chain of stores (and after closing several hundred), they found a buyer in Sun Capital Partners, a private equity firm out of Boca Raton, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, which acquired the chain in a cash-free transaction by acquiring Musicland's liabilities.
Musicland bankruptcy
Under Sun Capital, the company closed more stores and tried to get the business back to basics, but ultimately the challenges of competition and internet downloading proved too much and in January 2006, The MusiclandMusicland
The Musicland Group, Inc. was an entertainment company which ran Sam Goody, Suncoast Motion Picture Company and the Media Play Superstore Chain. Musicland filed for Chapter 11 Bankruptcy in January 2006. Trans World Entertainment which runs FYE, and sells CDs, DVDs, and video games, purchased...
Group filed for Chapter 11 bankruptcy in the United States Bankruptcy Court
United States bankruptcy court
United States bankruptcy courts are courts created under Article I of the United States Constitution. They function as units of the district courts and have subject-matter jurisdiction over bankruptcy cases. The federal district courts have original and exclusive jurisdiction over all cases arising...
for the Southern District of New York. In February 2006, the company announced the closing of 226 Sam Goody and 115 Suncoast Motion Picture Company
Suncoast Motion Picture Company
Suncoast Motion Picture Company is an American chain of retail stores specializing in recorded videos, particularly movies but also carried television series. The stores have sold them in the VHS, Laser Disk, DVD, HD, and Blu-ray formats. The stores also carry various other items, including...
stores. Following the closings, the Sam Goody chain was left with 191 stores.
Acquisition by Transworld
In March 2006, Trans World EntertainmentTrans World Entertainment
Trans World Entertainment Corporation is a chain of entertainment media retail stores in the United States. It currently operates just over 440 freestanding and shopping mall-based stores under several brand names....
, which had been acquiring their competitors for several years, announced the purchase of 400 Sam Goody and Suncoast stores. Trans World kept 345 of the stores open around the country and closed 55. In the fall of 2006, Trans World Entertainment Corp. began changing the names of mall-based Sam Goody stores to FYE
Fyé
Fyé is a commune in the Sarthe department in the region of Pays-de-la-Loire in north-western France.-References:*...
, the company's signature retail store. Trans World retained the Suncoast Motion Picture Co. name on about 170 stores.
After a dismal fourth quarter 2006 and a lackluster year in general, Transworld admitted that it failed to anticipate some of the challenges that remained associated with the remaining Musicland stores that it acquired, especially the "Sam Goody Rural" concept located in small communities. As a result, they announced more store closings, many of which were likely to be former Musicland stores.
Trans World has announced their intention to focus on the f.y.e.
F.y.e.
F.Y.E., standing for "For Your Entertainment," is a chain of entertainment media stores in the United States. As one of many Trans World Entertainment brands, it began in 1993 and was expanded in 2001 after buying out and rebranding mall-based Camelot, Strawberries, Record Town and Coconuts stores...
brand and convert all Sam Goody stores to f.y.e stores in the future. As of February 2008, Trans World removed the Sam Goody brand from its corporate website.
Sam Goody in the United Kingdom
In the 1990s Sam Goody entered the UK market and established a presence in a number of English towns, such as Weston-super-MareWeston-super-Mare
Weston-super-Mare is a seaside resort, town and civil parish in the unitary authority of North Somerset, which is within the ceremonial county of Somerset, England. It is located on the Bristol Channel coast, south west of Bristol, spanning the coast between the bounding high ground of Worlebury...
and Stockport
Stockport
Stockport is a town in Greater Manchester, England. It lies on elevated ground southeast of Manchester city centre, at the point where the rivers Goyt and Tame join and create the River Mersey. Stockport is the largest settlement in the metropolitan borough of the same name...
, with a "deep catalogue" retail format that included a large amount of "recurrent" music albums and videos. However, whereas this format might have been successful in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in the 1980s and early 1990s, in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
it came under pressure from a range of price led and established retailers. By the start of the 2000s Sam Goody had exited from UK marketplace, selling its stores off to rival retailers.
Stockport
The StockportStockport
Stockport is a town in Greater Manchester, England. It lies on elevated ground southeast of Manchester city centre, at the point where the rivers Goyt and Tame join and create the River Mersey. Stockport is the largest settlement in the metropolitan borough of the same name...
store was launched to much "fanfare" in a new retail development at the end of the Mersey Way shopping centre over two floors and mezzanine, with a special listening post area with a view of the entire mall.
However Sam Goody misjudged the marketplace and opened its store directly across the way from the slightly cheaper Our Price
Our Price
Our Price was a chain of record stores in the United Kingdom and Republic of Ireland from 1972 until 2004. Originally founded in 1972 by Gary Nesbitt, Edward Stollins and Mike Isaacs, early stores were branded "The Tape Revolution" and concentrated on the then-new compact cassette format.The name...
store, as well as nearby the successful Stockport
Stockport
Stockport is a town in Greater Manchester, England. It lies on elevated ground southeast of Manchester city centre, at the point where the rivers Goyt and Tame join and create the River Mersey. Stockport is the largest settlement in the metropolitan borough of the same name...
value retailer Music Zone
Music Zone
Music Zone was a music retailer in the United Kingdom, formed in Levenshulme in 1984, as a market stall in Longsight, Manchester.-History:Soon after, Music Zone opened its first permanent shop in Stockport and began to expand in the Manchester region, rebranding itself to Music Zone Trade Direct...
(Trade Direct) and HMV
HMV
His Master's Voice is a trademark in the music business, and for many years was the name of a large record label. The name was coined in 1899 as the title of a painting of the dog Nipper listening to a wind-up gramophone...
. Even though the store featured a larger amount of stock than its rivals and more obscure records, this was not enough to tempt the shoppers of Stockport away from the English companies, who preferred to shop around for the best deal. The store closed and the unit is now taken by a building society.
Weston-super-Mare
After Sam Goody had decided to exit the tough English market, the Weston-super-MareWeston-super-Mare
Weston-super-Mare is a seaside resort, town and civil parish in the unitary authority of North Somerset, which is within the ceremonial county of Somerset, England. It is located on the Bristol Channel coast, south west of Bristol, spanning the coast between the bounding high ground of Worlebury...
store was sold to American rival Tower Records
Tower Records
Tower Records was a retail music chain that was based in Sacramento, California. It currently exists as an international franchise and an online music store....
who rebranded it as Tower Express before they also decided to quit the UK market.