Steve’s Music Store says it’s clearing out its iconic brick-and-mortar retail space on Queen Street West as the Canadian business enters a “restructuring.”
In an email to CTV News Toronto, vice-president Michael Kirman, son of founder Steve Kirman, said “some” of its five locations are closing, but didn’t specify which ones will be shuttered.
However, a manager at the Montreal store told CTV News Toronto that all stores are closing except the flagship Montreal location.
The Montreal-based music store has footprints in Quebec and Ontario. An advertisement for a liquidation sale posted to its Instagram Monday morning states that “everything must go” from all of its outlets.
A further statement on Steve’s Music Store website said the decision to undertake restructuring was “difficult” and made with a “heavy heart.”
“Over the past several years, we have operated in an environment marked by significant disruption across the sector,” part of the statement reads.
“These changes had an immediate and negative impact on our performance. Despite various efforts to adapt, we continue to face mounting financial pressure, which, after reviewing all our options, ultimately led to the current restructuring proceedings.”
The statement added that “certain locations” will be closed “over the coming months.”
steve’s music A statement posted on the Steve’s Music Store website about restructuring operations.
The news comes less than a year after the music shop celebrated 60 years in business.
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