Georgia Company Buys Record and Tape Traders
Someone still has faith in selling music the old-fashioned way. It came to City Paper‘s attention early Thursday that Baltimore’s homegrown (OK, homegrown as in Towson) chain of brick-and-mortar music retailers Record and Tape Traders has been purchased by Marietta, Ga.’s Value Music Concepts, owner of 48 record shops in 19 states. Old-school or not, this latest purchase is an unsurprising part of Value Music’s longstanding steeze of buying out and streamlining record shops/small chains across the country.
The sale, announced to employees only Wednesday, becomes official this Saturday, at which point all of the roughly 35 Record and Tape Traders warehouse employees will become jobless. On Sunday, representatives of Value Music will meet with them to discuss possibilities of placement elsewhere in the company. The future of the nine Record and Tape Traders stores is unclear at this time. According to (soon-to-be former) Marketing Director Dustin Sugar-Moore “As far as I know all of the stores are staying open.” Though, given that Value Music and Record and Tape Traders both have a store in Rehoboth, we wouldn’t be surprised if one wasn’t lost there.
Record and Tape Traders, like most brick-and-mortar retailers, hasn’t fared well of late—their Charles Village location recently shut its doors—in light of downloading and, well, downloading. “Sales were definitely down” explains Sugar-Moore. The buyout wasn’t “a huge surprise, but a big disappointment.”