Canada's A&B Sound files for bankruptcy
Chain had been whittled down from 21 to three storesTORONTO -- Vancouver-based A&B Sound, once a retail fixture in Western Canada, has filed for bankruptcy protection.
The chain, which was once among the largest in Western Canada with 21 stores, was down to three when it filed on Nov. 7. It closed its best-known location, on Seymour Street in downtown Vancouver, in August.
The chain previously filed for bankruptcy protection in 2005 and was acquired by computer maker Seanix Technology for an estimated $25 million Canadian ($20.3 million).
The trustee running the bankruptcy, MacKay and Co. Ltd., issued a comment to A&B customers on behalf of management, thanking them for their commitment to the chain. "We take this opportunity to thank all of A&B's loyal customers for their patronage over the years, as well as the employees for their loyal and dedicated service," the note said.
A&B's decision to file for bankruptcy protection follows the closing last year of the final store in the Sam the Record Man chain, which once had stores across most of Eastern Canada. The chain's downtown Toronto store closed last year and its location was sold to a Toronto university.