Anyone from New England hear about Daddys Junky Music closing up?

[LooseChange]

A week or so ago they just locked all the doors. Many Layaways and consignment stuff still locked up. GE Capital bought the whole thing.

[bigsbybender]

Sad to hear.  I loved the old UGBM (Used Gear by Mail) catalogs.  I ordered a lot of stuff from those pre-internet days.

[PRR]

www.facebook.com/DaddysJunkyMusic

[LooseChange]

Thanks PRR.  I surprised I missed that.

[PRR]

> GE Capital bought the whole thing.

Technically: most consumer box stores (refrigerators to cars to amplifiers) get inventory on credit. GE Capital is a major lender for such financing. DJM was optimistic about this year; sales did not go as well as they had hoped. DJM was unable to cover what they owed to GE Capital. GEC is no fool: they don't really want to own a lot of instruments and amplifiers, if there were a chance DJM's sales would catch-up then GEC would wait for the money. But as we all know, things is bad all over and not looking better month to month.

DJM owed GEC more than they could possibly re-pay.

I'm surprised it came suddenly. GEC would be more likely to "force" an inventory clearance sale. Maybe DJM wouldn't do that. Maybe the DJM account was so small in GEC's overall portfolio that it was overlooked too long.

GEC is probably sorry. DJM's business is not just new-in-box banjos and pedals, they ran a large used-goods section and a lot of repair business. Apparently the repairs are being returned to owners as far as possible.... GEC can't actually "own" this stuff, and what would GEC do with a warped dinged 1997 Strat-clone?

[bigsbybender]

Sadly the type of operation that Daddy's was is out of fashion. They just can't compete with Guitar Center and the like. A real full-service (Buy,Sell, Trade, Repairs) music shop with good quality inventory and knowledgeable staff is not profitable as (untrained workers/no service, entry-level junk)  modern big-box. Even 1500 Miles away I liked to do business with them. I never set foot in their stores but did a lot of business there.



j.