By Eyeopener Staff
In the shutter-step fashion of the Yonge and Dundas saga, Sam the Record Man filed for bankruptcy Tuesday as a renovated Hard Rock Cafe announced it is set for relaunch.
Sam Sniderman, the 81-year-old record store patriarch, cited a fiercely competitive market and a general economic downturn as factors in his decision.
“Until very recently, we believed that if we persevered, we could turn things around. The family’s own commitment to the promotion of Canadian talent will continue,” he said.
The flagship store at the corner of Yonge and Gould Streets, however, will remain open along with several other stores nation wide.
Less than two blocks away, neighbours were singing a happier tune. Hard Rock Cafe International and Corus Entertainment Inc., which owns Q107 radio station, said they will team up when the renovated restaurant reopens Nov. 26.
The three-floor building will include a nightclub and a lounge. “This is really just the tip of the iceberg,” said Kirk Thompson, general manager of Hard Rock Cafe Toronto. “It’s really going to give Toronto a taste of what’s to come.”