While Fat Beats will close its two remaining stores next month - the New York location on Sept. 4 and the Los Angeles one Sept. 18 - Fat Beats owner Joe Abajian says he has plans to open a bigger and better store.

"We want to build a store that's like a theme park for the hip-hop culture, which will have activities and show its history," says Abajian. "The store I had catered to DJs, the new store will cater to every aspect of the hip-hop lifestyle."

He says the store is stilling in the planning stage. In the meantime, the company is focusing on the parts of its business that are doing well - its label, indie distribution company and website, he says.