Value Music Concepts has acquired two of the Manifest Disc & Tapes locations that were targeted to be closed as part of owner Carl Singmaster’s exit from music retail.
In January, Singmaster announced that he planned to shut down his five-store chain saying, “This is not a bankruptcy. It is a business decision to not further invest in music retail.”
Rob Perkins, CEO of Marietta, Ga.-based Value Music, says the company is acquiring Manifest’s Charlotte, N.C., and Columbia, S.C., stores. He says Value will retain the staffs at both outlets and has hired Manifest director of store operations Randy Dunn as a regional manager whose responsibilities include the two stores.
The acquisition gives Value 69 stores. The company successfully emerged from Chapter 11 protection in November.
Perkins says the closing of Manifest was big news in the Carolinas because Singmaster and his staff “had built up a tremendous relationship with his customers.” He says both stores were profitable, and both have the potential to expand their product mix, including bringing in DVDs.