July 01, 2024 I Acquisition
Gonher to Purchase Samson Technologies, Sam Ash E-Commerce Business
Sam Ash Music has found a winning bidder in its bankruptcy auction in Mexican merchant Gonher, which has purchased Samson Technologies and certain e-commerce assets of the 100-year-old MI retailer.
According to an updated bankruptcy filing, Gonher submitted a bid to purchase Sam Ash’s assets on June 14, and on June 20, an auction was held where Gonher was the lead bidder for the Samson-only assets and the Sam Ash e-commerce-only assets. The combined value of the bids was estimated at $10.3 million. After several rounds of bidding, Gonher was declared winner with a bid value of $15.2 million.
Gonher, which operates Gohner Music Center, began in 1956 as a record store and began selling instruments in the 1960s. It opened Gonher Music Academy in the 1970s and since then has been an MI leader in Mexico. Sam Ash filed for Chapter 11 bankruptcy protection in May in New Jersey and has since announced plans to close all of its 42 stores.
To read our July issue interview with fourth-generation Ash family member and content marketing manager Ben Ash, click here.
