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Mars Music files for bankruptcy

Discussion in 'Miscellaneous [BG]' started by baba, Oct 1, 2002.


  1. baba

    baba Supporting Member

    Jan 22, 2002
    3rd stone from the sun
    Is Guitar Center next? One can only hope.


    September 28, 2002 -- According to a recent report by the Miami Herald, the Mars Music (www.marsmusic.com) superstore chain filed for Chapter 11 bankruptcy protection on Friday.

    After a successful stint as the president of Office Depot, Mark Begelman stepped down and decided to combine his love of music with a new business venture, creating Mars Music. Beginning with the acquisition of a small chain of Florida-based music stores in 1996, Mars pursued a very aggressive expansion plan, building dozens of superstores through the South and some far reaches of the US, complemented by an e-commerce web site. At it's peak, Mars Music consisted of 50 stores, but had already reduced its size down to 41 stores by the time of the Chapter 11 filing.
     
  2. Brad Johnson

    Brad Johnson Commercial User

    Mar 8, 2000
    Gaithersburg, Md
    Boom Bass Cabinets, DR strings
    I didn't find MARS at all useful. OTOH I don't have a problem with GC and go there in addition to smaller stores. I wish them no ill fortune.
     
  3. I bet the going-out-of business sales could be pretty sweet. I wonder if they still have that Modulus at the local store.... :D
     
  4. wowo

    I actually prefer Mars over GC - they are across the street from each other here - well, there are two GC's here, but.....

    But I hate them both :D
     
  5. seamus

    seamus

    Feb 8, 2001
    Jersey
    Never liked Mars, all the instruments were a mess, the store was laid out horribly, and the staff were the opposite of helpful. GC isn't too bad, I only ever buy small stuff there anyway. The Mom & Pop stores around me were always overpriced on just about everything, so they never get my business. If they would put up some reasonable prices, things might be different. I mean I understand economies of scale and all, but get real.
     
  6. This describes GC as well.
     
  7. Brad Johnson

    Brad Johnson Commercial User

    Mar 8, 2000
    Gaithersburg, Md
    Boom Bass Cabinets, DR strings
    There apparently are exceptions.
     
  8. seamus

    seamus

    Feb 8, 2001
    Jersey
    No doubt. The Mars out by me opened up a little while after GC, and they just never really got their act together. I heard the person managing the Mars store out by me came from a totally unrelated industry, so that probably didn't help their chances any.
     
  9. Oysterman

    Oysterman

    Mar 30, 2000
    Sweden
    Chapter 11? Doesn't that mean that they'll still be around for a while anyway?
     
  10. muggsy

    muggsy Supporting Member

    Dec 14, 2000
    Alexandria, VA
    Chapter 11 is reorganization, not liquidation, so don't hold your breath waiting for the going out of business sale.
     
  11. Yeah... Chapter 11 is not the "close the doors and liquidate everything" kind of bankruptcy. It's more like "we can't pay our bills right now so get the debt collectors off our back" kind of bankruptcy... the kind of thing that's advertised on daytime tv. Consolodating debts to make it easier to catch up....
     
  12. It usually does involve closing some unprofitable stores though - but they might just roll the inventory to other locations. "restructuring" and all that.
     
  13. Max

    Max Supporting Member

    Feb 14, 2000
    Bakersfield, CA
    GC continues to open stores and reported profits last year. They trade on the NYSE and stock was up yesterday. I think they are trying to get into the school/rental business as well.
     
  14. Philbiker

    Philbiker Pat's the best!

    Dec 28, 2000
    Northern Virginia, USA
    The Mars near me put a local store out of business. :( I've got a friend who teaches at that Mars now, I'd hate for him to lose his room.
     
  15. Stu L.

    Stu L. Supporting Member

    Nov 27, 2001
    Corsicana, Texas
    I AM the local store for my area. So it would scare the heck outta me if my store just filed Ch. 11. I know we've all had our expierences at either GC or Mars, but those people have to eat too.
     
  16. Yogi Bear

    Yogi Bear Supporting Member

    Aug 14, 2000
    The Mars store here in Denver closed a while ago. I went there in their last few days they were open and received a great deal on an Ampeg head.
     
  17. Mike Dimin

    Mike Dimin

    Dec 11, 1999
    Clinician: EA, Zon, Boomerang, TI. Author "The Art of Solo Bass"
    On Thursday, Oct 23rd the Mars Music chain will be auctioned off. If all the stores are not bought, any that are left will be closed. This was reported in the Albany (NY) Times Union newspaper as well as the Sun-Sentinal (S. Florida). I teach one night a week at the local Mars and the feeling there last night was one of dread. Students are not renewing their lesson contracts on fear that the Mars won't be there to honor them. The teachers who are all sub-contractors fear they won't get paid (I feel that way, personally).

    In all honesty Mars ran the business like they wanted to fail. We should support the local music store in each of our community. For those in upstate NY - go to Parkway Music - they KNOW how to take care of buswiness and the customer

    Mike
     
  18. Oysterman

    Oysterman

    Mar 30, 2000
    Sweden
    You mean, next year?
     
  19. Mike Dimin

    Mike Dimin

    Dec 11, 1999
    Clinician: EA, Zon, Boomerang, TI. Author "The Art of Solo Bass"
    Sorry,
    I meant tomorrow the 24th.

    Mike
     
  20. Josh Ryan

    Josh Ryan - that dog won't hunt, Monsignor. Staff Member Supporting Member

    Mar 24, 2001