Musicland Group Files for Chapter 11

posted on 2006-01-12 21:29 EST
The Musicland Group has filed for chapter 11 bankruptcy protection in New York today. The group, which operated Sam Goody and Suncoast says that its stores will be able to remain open during restructuring (Media Play is being shut down). During the bankruptcy protection period, Musicland will not pay any invoices for goods or services received prior to today. Last month, Musicland requested debt relief from its vendors. The Book Standard suggested that Musicland may file for bankruptcy protection if it was unable to receive adequate relief.

This article has a follow-up: Musicland Updates (2006-01-16 10:51)
follow-up of Musicland to Ask for Financial Relief from Vendors
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