Sam Ash is going under

[The Shark]

3 hours ago, diablo175 said:

There is a metric shit ton of bogus and fraudulent Sam Ash ads all over Facebook. Offering 90% off on $900 Gibsons and Fenders with hard case. 🤣 I've been posting the below meme to each one of them and leaving a cheery message of, "This is BULLSHIT" and then reporting the ad as being spam or fraudulent.  I've taken down at least several dozen in the last 3 days.

 

"If it seems too good to be true"...

[cmatthes]

7 hours ago, diablo175 said:

There is a metric shit ton of bogus and fraudulent Sam Ash ads all over Facebook. Offering 90% off on $900 Gibsons and Fenders with hard case. 🤣 I've been posting the below meme to each one of them and leaving a cheery message of, "This is BULLSHIT" and then reporting the ad as being spam or fraudulent.  I've taken down at least several dozen in the last 3 days.

 

Really? They're taking them down?  I've reported well over 40 of these between FB and IG, and EVERY SINGLE TIME, I get the report back from Zuck informing me that the ad in question does not violate their standards.  No way to review, no way to appeal.

[diablo175]

5 hours ago, cmatthes said:

Really? They're taking them down?  I've reported well over 40 of these between FB and IG, and EVERY SINGLE TIME, I get the report back from Zuck informing me that the ad in question does not violate their standards.  No way to review, no way to appeal.

Put it this way- Same as your experience, I've received notices saying Zuck the Suck is not taking them down but the ad no longer is up. So, I'ma take credit for it coming down. 🤣

[Cboss]

Boy I hope that million dollar plectum shows up in the mail..🤔

[mudshark]

Bought my T-51 for $370 from a Sam Ash store in 1997.

[Tortious]

Sam Ash Music has been acquired by Gonher Music

https://www.retaildive.com/news/sam-ash-assets-acquired-for-152m/720594/

Mexican-based retailer Gonher will acquire “substantially all” of Sam Ash Music’s assets out of bankruptcy for $15.2 million, according to court documents. Gonher was declared the successful bidder following a June 20 auction.

In court documents, Sam Ash cited an over reliance on in-store retail traffic, too many locations, the elimination of store visits during the height of the pandemic and declining revenue as contributing factors to the company’s unsustainable financial situation. Sam Ash said in May its liabilities and assets ranged between $100 million and $500 million. 

Due to insufficient liquidity, Sam Ash acknowledged it didn’t pay rent for most of its store locations in April or May and it also withheld most vendor payments. Its vendors, in turn, withheld deliveries or required tighter terms, which limited the flow of inventory to stores and e-commerce customers, exacerbating the company’s financial and operational issues.

 

They stiffed Yamaha for almost $2 million. Hoshino (Ibanez/Tama) for about $800k.

 

[tbonesullivan]

Wow, sounds like the writing was on the wall for a while, at least for the now former owners of Sam Ash. A liquidity crisis that large doesn't just come out of nowhere. Hopefully the new owners can turn it around, though I can honestly say I had not heard of them before this article.

[velorush]

"Gohner?"

Like, pronounced, "gonner?"

How apropos. 🤣 

[Cboss]

7 hours ago, velorush said:

"Gohner?"

Like, pronounced, "gonner?"

How apropos. 🤣 

Sounds like gonheria 

[Cboss]

The new owner 🤣

[RobB]

Since the retail-glory days of the pandemic, has there been a glut of barely-used guitars back on the market? That was the prediction two years ago, IIRC. 

[Cary]

Last time I was there it looked like they were already going out of business - low inventory and the store was a mess.  And that was at least a year ago.

[DarkHammer]

Hopefully new owners will be able to turn the company around. I'd keep couple stores in key markets and focus on online selling. That's where money are. 

Edited July 9, 2024 by DarkHammer

[santellavision]

I'm still sad about the whole thing. I grew up in Brooklyn NY and my dad (A full-time musician) was good friends with the founder Sam himself. I used to go there as kid with my dad. Got my first Fender amp there, a Bronco 1x8", around 1968.

Edited July 10, 2024 by santellavision

[crunchee]

On 7/6/2024 at 9:50 AM, velorush said:

"Gohner?"

Like, pronounced, "gonner?"

How apropos. 🤣 

They make batteries too, don't they?