Musicstop sold to chain
Long & McQuade, country’s largest music retailer, buys 9 Atlantic stores
By BRUCE ERSKINE Business Reporter
Musicstop, Atlantic Canada’s largest chain of musical instrument stores, has been bought by Long & McQuade, the country’s largest music retailer.
"It’s our largest group acquisition," Long & McQuade president Steve Long said from the firm’s Pickering, Ont., headquarters on Tuesday. "This adds about 12 per cent to our business."
Mr. Long, the son of Jack Long, who co-founded Long & McQuade in Toronto in the 1950s, wouldn’t disclose financial details of the purchase.
"We’re a private company," he said.
However, he said the acquisition fits Long & McQuade’s strategy of being a strong national retailer.
"They’re good locations with a regional reach."
The purchase of Musicstop’s nine stores in Atlantic Canada — five in Nova Scotia, three in New Brunswick and one in Newfoundland — gives Long & McQuade 37 retail stores across Canada that employ more that 1,200 people.
Musicstop, headquartered in Halifax, has about 200 workers.
Mr. Long said he has known Musicstop president Russ Brannon, who started the business with his wife Sharon out of a trailer in Westphal in 1972, for a long time and they had talked "back and forth" about a possible sale.
"It was a good time," Mr. Long said.
He said the Brannons have been in the retail music business for 35 years.
"Russ wanted to leave the company in hands he trusts."
Mr. Brannon said Tuesday he had mixed feelings about the sale and will probably go through some withdrawal symptoms, but felt it will ensure Musicstop’s future.
"They’re a big company with huge resources," said Mr. Brannon, 61, who owns Master Merchant Systems Software Ltd., which develops point-of-sale retail management software used by businesses throughout North America.
"They’ll treat this market wonderfully."
Mr. Brannon, also a guitarist, said he plans to do more writing and recording as well as focusing on his software business. He will also act as an adviser to Long & McQuade during the ownership transition.
Mr. Long said Musicstop is a profitable business with good employees and he doesn’t anticipate making any immediate changes to the chain, which will retain its name.
"We may change the brand at some point, but not today," he said, noting that the Long & McQuade brand isn’t as well known in Atlantic Canada as Musicstop. "It’s not going to be different."
The sale includes the Canadian Conservatory music school that Musicstop operates.
Mr. Long said Long & McQuade will expand some offerings such as L&M University, which stages seminars, clinics and showcases for musicians, songwriters and producers, to the Atlantic outlets.
Mr. Long said the retail music business in Canada is typically dominated by a major player in any given market and that Long & McQuade’s acquisition of Muscistop doesn’t change that dynamic in the Atlantic region.
He said he has spoken to Ken Foote, the owner of Buckley’s Music, Musicstop’s chief competitor in Halifax, about the sale.
"He seems happy," Mr. Long said.
He said Long & McQuade doesn’t solicit acquisitions and hasn’t offered to buy Buckley’s, which only has one location. Mr. Foote declined comment Tuesday.
( [email protected])
’We may change the brand at some point, but not today.’
Long & McQuade, country’s largest music retailer, buys 9 Atlantic stores
By BRUCE ERSKINE Business Reporter
Musicstop, Atlantic Canada’s largest chain of musical instrument stores, has been bought by Long & McQuade, the country’s largest music retailer.
"It’s our largest group acquisition," Long & McQuade president Steve Long said from the firm’s Pickering, Ont., headquarters on Tuesday. "This adds about 12 per cent to our business."
Mr. Long, the son of Jack Long, who co-founded Long & McQuade in Toronto in the 1950s, wouldn’t disclose financial details of the purchase.
"We’re a private company," he said.
However, he said the acquisition fits Long & McQuade’s strategy of being a strong national retailer.
"They’re good locations with a regional reach."
The purchase of Musicstop’s nine stores in Atlantic Canada — five in Nova Scotia, three in New Brunswick and one in Newfoundland — gives Long & McQuade 37 retail stores across Canada that employ more that 1,200 people.
Musicstop, headquartered in Halifax, has about 200 workers.
Mr. Long said he has known Musicstop president Russ Brannon, who started the business with his wife Sharon out of a trailer in Westphal in 1972, for a long time and they had talked "back and forth" about a possible sale.
"It was a good time," Mr. Long said.
He said the Brannons have been in the retail music business for 35 years.
"Russ wanted to leave the company in hands he trusts."
Mr. Brannon said Tuesday he had mixed feelings about the sale and will probably go through some withdrawal symptoms, but felt it will ensure Musicstop’s future.
"They’re a big company with huge resources," said Mr. Brannon, 61, who owns Master Merchant Systems Software Ltd., which develops point-of-sale retail management software used by businesses throughout North America.
"They’ll treat this market wonderfully."
Mr. Brannon, also a guitarist, said he plans to do more writing and recording as well as focusing on his software business. He will also act as an adviser to Long & McQuade during the ownership transition.
Mr. Long said Musicstop is a profitable business with good employees and he doesn’t anticipate making any immediate changes to the chain, which will retain its name.
"We may change the brand at some point, but not today," he said, noting that the Long & McQuade brand isn’t as well known in Atlantic Canada as Musicstop. "It’s not going to be different."
The sale includes the Canadian Conservatory music school that Musicstop operates.
Mr. Long said Long & McQuade will expand some offerings such as L&M University, which stages seminars, clinics and showcases for musicians, songwriters and producers, to the Atlantic outlets.
Mr. Long said the retail music business in Canada is typically dominated by a major player in any given market and that Long & McQuade’s acquisition of Muscistop doesn’t change that dynamic in the Atlantic region.
He said he has spoken to Ken Foote, the owner of Buckley’s Music, Musicstop’s chief competitor in Halifax, about the sale.
"He seems happy," Mr. Long said.
He said Long & McQuade doesn’t solicit acquisitions and hasn’t offered to buy Buckley’s, which only has one location. Mr. Foote declined comment Tuesday.
( [email protected])
’We may change the brand at some point, but not today.’
