September 18, 08:38 AM 
514 Chai Chee Lane 03-16, Singapore 469029 Gramophone has announced that it is closing down, following many months of ongoing sales to offload their inventory.
In a letter addressed to the retailer’s suppliers, the company stated that their inventory is their main asset but “given present market conditions, will not fetch enough to pay off 100% of the sums due to suppliers and other creditors,” forcing the retailer into administration.
This means that the company's assets will be assessed for its value and sold off to pay off creditors.
Global HMV group also faced a similar situation before being bought out by a private equity firm earlier this February.
Hong Kong private equity firm AID Partners bought the chain’s Singapore and Hong Kong operations, as well as the licenses for mainland China, Macau and Taiwan for an undisclosed amount.
Gramophone is one of the last few CD retailers in Singapore besides HMV. Homegrown music retailer Sembawang Music Centre closed down in 2009.
It is selling its outstanding stock at The Cathay for up to 70% discount.
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