a&b sound changing owners?

[rabbit]

Just saw this today and is dated Jan 19: http://www.absound.ca/letter/

"As you may have heard, A&B Sound Ltd. is reorganizing and revitalizing its business."
...
"Our proposed new owners are impressed by our brand and confident in our management."

No real surprise that A&B was losing sales to other retailers (a lot more Super Sales than 10 years ago) but I didn't think they were doing this bad.

[DavidY]

BCTV reported that A&B Sound had filed for bankruptcy or creditor protection. They owe like $50 million to creditors. They only have twenty odd stores. There are reports of someone bailing them out financially though. Hope that their store chain continues.

Dave

[Txiasaeia]

That's really too bad - they've got the best customer service of any electronics chain in W. Canada. I've got over a hundred bucks in credit with them - glad that's not worthless now! Gotta spend that soon, I guess...

[blainehamilton]

Hmmm. I heard this thru the grapevine myself Tuesday morning. I'm not suprised to see it happen. I've always found the sales staff pushy but informative.

I don't shop there anymore because of the BB/FS and A&B legal agreement, but haven't really been a customer since 98 or 99 because of the joke 'super sales' and 'boxing day sales' they hold. Not worth the waste of time.

[Furious]

A&B filed for credit protection for a short period while their sale is finalized. A&B is being bought by a US company, one with VERY deep pockets who plans on heavy investment:

http://www.suncappart.com/