Iconic Canadian Music Retailer Announces Major Restructuring
Montreal-based Steve's Music Store, a fixture in Canada's music retail landscape for more than six decades, has announced it will conduct an in-store liquidation sale and close certain locations in the coming months. The company, which operates five stores including a prominent Toronto location on Queen Street West, revealed the difficult decision through a statement on its website.
Financial Pressures Force Difficult Decision
"It is with a heavy heart that we have taken the difficult decision to undertake a formal restructuring," the company stated. The message explained that significant disruption across the retail sector over recent years has created immediate negative impacts on performance. Despite various adaptation efforts, mounting financial pressure ultimately led to the current restructuring proceedings.
The company emphasized that these industry changes have created substantial challenges for traditional brick-and-mortar music retailers. Steve's Music Store has been operating since 1965, when founder Steve Kirman opened the first location on Craig Street (now Saint Antoine Street) in Montreal.
Uncertain Future for Multiple Locations
While the company confirmed that "some" of its five locations will close, specific details about which stores will remain open remain unclear. In an emailed statement to CTV News, vice-president Michael Kirman, son of founder Steve Kirman, confirmed only that "some" locations would close without specifying which ones.
This announcement comes less than a year after the music retailer celebrated its 60th anniversary in business. The Toronto location opened in the 1970s during what the company describes as "the explosion of Toronto's music community and the rise of the punk movement."
Transition to Online Focus
According to a manager at the Ottawa store who spoke with CBC over the weekend, the Montreal location that opened in 1965 will be the only remaining physical store as the company shifts its focus toward online sales. This transition reflects broader trends in retail where many traditional businesses are moving toward digital operations to remain competitive.
The company's other locations include Dollard-des-Ormeaux and Greenfield Park in Quebec, in addition to the Toronto and Ottawa stores. The future of these locations remains uncertain as the restructuring process unfolds.
Looking Toward a Leaner Future
"Through this process we are looking to emerge a leaner and focused company to continue serving you," the website statement continued. The company expressed gratitude for customer support during what it described as "this difficult period" while acknowledging the emotional weight of the decision.
The news represents another significant change in Canada's retail landscape, particularly within the specialized music equipment sector. Steve's Music Store has been a destination for musicians and music enthusiasts for generations, making this announcement particularly impactful for the Canadian music community.
As the liquidation sales begin and specific closure details emerge, customers and industry observers will be watching closely to see how this iconic Canadian retailer navigates its restructuring while maintaining its legacy in the music industry.
