A&A Records
Encyclopedia
A&A Records was a Canadian record store chain, which declared bankruptcy in 1991. Prior to the expansion of Sam the Record Man
in the early 1960s, A&A was the dominant record store chain in Canada
. It was acquired by CBS Records
after it lost the dominant market position to the Sam's chain, but was reacquired by a Toronto
investment group in 1981.
in Toronto, another flagship store on rue Sainte-Catherine
in Montreal
and six franchise stores in Ontario
. The company also had two wholly owned subsidiaries: Glen Music, which had four stores in Alberta, and Glen Music Western, which had six stores in British Columbia.
By the end of 1974, the company decided to close its book business that was located in the basement floor of its flagship store at 351 Yonge Street, Toronto. The senior management consisted of general manager Rick McGraw and vice-president of marketing R. Bruce Wilson. Its offices were located above the retail store at 351 Yonge Street, in a small portion of the second and third floor. The second floor was classical department and the third floor was being used as the warehouse. The company itself was a wholly owned subsidiary of Columbia Records Canada.
In the spring of 1975, the accounting office was relocated to 75 The Donway West, while the management offices remained at 351 Yonge Street.
In 1981 CBS sold its retail and wholesale pre-recorded music business to some of its former executives - Terry Lynd, Fred Rich and Dick Moody, who took over the company as Chairman, President and Executive Vice-President respectively and collectively held majority ownership. The corporate name under the new ownership was Sound Insight Limited, while retail stores kept the trade name A&A Records and Tapes, and later A&A Music & Entertainment.
Between 1981 and 1987, the company made several acquisitions including the purchase of Mister Sound retail chain from Polydor Records.
In 1987 the company reported its best financial results - sales of $134 million and net income of over $7 million. That same year, Sound Insight was purchased by a group of Canadian and US investors and became a wholly owned subsidiary of Vector No. Acquisition Corporation. During this period the company went through a period of rapid expansion, opening almost 100 new retail stores during 1989.
By 1990, A&A had 260 retail stores across Canada, and had a presence in every province. The company's sudden expansion, however, proved to be its undoing: many of the new locations were opened with no cohesive marketing strategy, and almost all of the new locations proved to be unprofitable and unsustainable. The corporation was forced to file for protection under the Company Creditors Arrangement Act in January 1991.
chains.
In the mid-1990s, the flagship Yonge Street store became a Future Shop
, but has since moved out as of 2007. The location has now been sold to Ryerson University
, along with the nearby Sam the Record Man
store.
Sam the Record Man
Sam the Record Man was a Canadian record store chain that, at one time, was Canada's largest music recording retailer. In 1982, their ads proclaimed they had "140 locations, coast to coast"....
in the early 1960s, A&A was the dominant record store chain in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. It was acquired by CBS Records
CBS Records
CBS Records is a record label founded by CBS Corporation in 2006 to take advantage of music from its entertainment properties owned by CBS Television Studios. The initial label roster consisted of only three artists; rock band Señor Happy and singer/songwriters Will Dailey and P.J...
after it lost the dominant market position to the Sam's chain, but was reacquired by a Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
investment group in 1981.
History
The company was originally known as A&A Books & Records Company of Canada. In 1974, its operations consisted of the main store at 351 Yonge StreetYonge Street
Yonge Street is a major arterial route connecting the shores of Lake Ontario in Toronto to Lake Simcoe, a gateway to the Upper Great Lakes. It was formerly listed in the Guinness Book of Records as the longest street in the world at , and the construction of Yonge Street is designated an "Event of...
in Toronto, another flagship store on rue Sainte-Catherine
Rue Sainte-Catherine
Streets named the Rue Sainte-Catherine, French for Saint Catherine Street, are found in the following cities:*Rue Sainte-Catherine *Rue Sainte-Catherine, Lyon*Rue Sainte-Catherine...
in Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
and six franchise stores in Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
. The company also had two wholly owned subsidiaries: Glen Music, which had four stores in Alberta, and Glen Music Western, which had six stores in British Columbia.
By the end of 1974, the company decided to close its book business that was located in the basement floor of its flagship store at 351 Yonge Street, Toronto. The senior management consisted of general manager Rick McGraw and vice-president of marketing R. Bruce Wilson. Its offices were located above the retail store at 351 Yonge Street, in a small portion of the second and third floor. The second floor was classical department and the third floor was being used as the warehouse. The company itself was a wholly owned subsidiary of Columbia Records Canada.
In the spring of 1975, the accounting office was relocated to 75 The Donway West, while the management offices remained at 351 Yonge Street.
In 1981 CBS sold its retail and wholesale pre-recorded music business to some of its former executives - Terry Lynd, Fred Rich and Dick Moody, who took over the company as Chairman, President and Executive Vice-President respectively and collectively held majority ownership. The corporate name under the new ownership was Sound Insight Limited, while retail stores kept the trade name A&A Records and Tapes, and later A&A Music & Entertainment.
Between 1981 and 1987, the company made several acquisitions including the purchase of Mister Sound retail chain from Polydor Records.
In 1987 the company reported its best financial results - sales of $134 million and net income of over $7 million. That same year, Sound Insight was purchased by a group of Canadian and US investors and became a wholly owned subsidiary of Vector No. Acquisition Corporation. During this period the company went through a period of rapid expansion, opening almost 100 new retail stores during 1989.
By 1990, A&A had 260 retail stores across Canada, and had a presence in every province. The company's sudden expansion, however, proved to be its undoing: many of the new locations were opened with no cohesive marketing strategy, and almost all of the new locations proved to be unprofitable and unsustainable. The corporation was forced to file for protection under the Company Creditors Arrangement Act in January 1991.
Bankruptcy
The chain emerged from bankruptcy under the ownership of Lincoln Capital Corporation, but again filed for bankruptcy in 1993 and was dissolved when its assets were sold piecemeal, and its remaining retail outlets were absorbed by other retailers. Many A&A stores were absorbed into the Music World or Sunrise RecordsSunrise Records
Sunrise Records is a Canadian independent record store chain based entirely within the province of Ontario. It is the last major such independent media retail business in the country.The first store was established in 1977 by The Handleman Co...
chains.
In the mid-1990s, the flagship Yonge Street store became a Future Shop
Future Shop
Future Shop is Canada's largest consumer electronics retailer. Future Shop currently operates a total of 146 stores across all of Canada's provinces as of December 2008....
, but has since moved out as of 2007. The location has now been sold to Ryerson University
Ryerson University
Ryerson University is a public research university located in downtown Toronto, Ontario, Canada. Its urban campus is adjacent to Yonge-Dundas Square located at the busiest intersection in Downtown Toronto. The majority of its buildings are in the blocks northeast of the square in Toronto's Garden...
, along with the nearby Sam the Record Man
Sam the Record Man
Sam the Record Man was a Canadian record store chain that, at one time, was Canada's largest music recording retailer. In 1982, their ads proclaimed they had "140 locations, coast to coast"....
store.