Tuesday, December 02, 2008
The end of Southern: What's it mean?
Homer's GM Mike Fratt forwarded the following letter that he received in mid-November. I can't tell if what's happened to Southern -- once a leading indie music distro -- has anything to do with the economy or not.
OK, so what's this really mean? The first paragraph seems to indicate that no one will notice a change as a result of this business transaction. I asked Fratt. "Depending on the deal they did, this could mean small artists are left holding the bag, so to speak," he said. "Even though the new company has their product, artists may have to do a new 'deal' on that with the new company and then try to navigate the closure of Southern to collect for what they sold. Or, it may be seamless and no outstanding accts payable issues."
Fratt foresees nothing but gloom for the music industry and business in general deep into next year. "The volume of national chain closures (in every sector; retail, food, services, etc) as well local businesses will be staggering in the next 6 months," he said. Hold onto your hats.
--Got comments? Post 'em here.--
posted by Tim at 10:43 AM
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