Framingham/Natick Retail NewsCenter

Mars Music Announces Stores Closing

Title: Mars Music Announces Stores Closing

Author: Press Release

Publication: Press Release

Date of Publication: September 30, 2002

Corresponding Retail Development: Sherwood Plaza East

Corresponding Town: Natick

Web Site Link: Not Available

Text:

MARS, Inc.
Attn: Raymond J. Miller,
Chief Operating and Financial Officer
Tel: 954-689-1158
E-mail: millerr@marsmusic.com

BOSTON, MASS. (September 30, 2002) -- Mars Music, one of the nation’s largest retailers of musical instruments, announced today that it is leaving the Boston market. The company had two stores located at 14 McGrath Highway in Somerville and 1288 Worcester Road in Natick.

“On Friday, September 27th, MARS, Inc. and certain of its subsidiaries, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in order to reorganize and restructure the company with the intent to emerge as a healthy, significant retailer in the musical instrument industry. Our financial results have continued to improve year over year and it is important for us to make decisions that will ensure our future,” said Chief Operating and Financial Officer Ray Miller. “We have made a strategic decision to exit this market based on economic conditions. We would like to thank our employees for excellent service and commitment to Mars Music. We also thank our customers for allowing us the opportunity to serve them”.

Boston area musicians can continue to shop at Mars Music via their e-commerce website which offers the same large assortment at everyday low prices as their retail stores. Customers will still be able to shop with the Mars Music Credit Card and all Gift Certificates/coupons will be honored. The company will continue to operate 37 stores in 18 states, giving musicians the world-class service to which they’re accustomed.

About Mars

Founded in 1995, MARS, Inc. is a full-line musical instrument retailer and e-commerce website offering thousands of musical instruments, DJ, recording and sound systems for the musician community and new music makers. MARS, Inc. is also the largest private educator of music instruction in the United States.