Wherehouse Entertainment

Last updated

Wherehouse Entertainment, Inc.
FormerlyIntegrity Entertainment Corp.
Company type Public
AMEX: WEI
IndustryRetail
Founded1970;55 years ago (1970) [1]
Defunct2003 (2003)
FatePurchased by Trans World to be converted to FYE brand
HeadquartersUnited States
ProductsDVDs, compact discs, videos, records, video games, books, collectibles, accessories

Wherehouse Entertainment, Inc., [2] formerly Integrity Entertainment Corp., also known as Wherehouse Music and The Wherehouse, was an American retail music franchise. [1] [3] [4] [5]

History

In 1983, Wherehouse Entertainment Inc., renamed from Integrity Entertainment Corp., went public with a public offering of 750,000 shares under the symbol WEI. At this time, the company had 126 stores, primarily in California. [6] [7] In 1984, the company began renting movies, or "video software" in 77 of its 126 stores, with a roll out into further stores expected. [8] Later that year, a copy of Money Hunt: The Mystery of the Missing Link was sold by a Wherehouse Entertainment at Sunset & Western in Los Angeles to Newt Deiter, who would go on to win the $100,000 cash prize. [9]

In August 1998, Wherehouse purchased Blockbuster Music from Viacom. [10] The company filed for Chapter 11 bankruptcy in 2002. In 2003, Trans World Entertainment purchased the remaining 148 Wherehouse stores for $41 million (~$65.1 million in 2023) in cash and assumed liabilities while closing 35 under-performing stores. [11] It is not clear when Trans World Entertainment closed the remaining stores or converted them to FYE brand.

References

  1. 1 2 Gnerre, Sam (July 9, 2016). "The Daily Breeze's Sam Gnerre looks at the way we were in the South Bay". Daily Breeze .
  2. ↑ "Securities and Exchange Commission". sec.gov.
  3. ↑ "WHEREHOUSE ENTERTAINMENT INC reports earnings for Qtr to Dec 31". The New York Times . February 14, 1984. p. 13.
  4. ↑ Haupt, Wyatt (October 23, 2003). "Wherehouse Music shutting its doors in Temecula". The San Diego Union-Tribune .
  5. ↑ "Music Retailer to Buy Wherehouse's Assets". Associated Press. September 16, 2003.
  6. ↑ "Wherehouse Entertainment Inc". The Daily Breeze. September 11, 1983. Retrieved May 5, 2020.
  7. ↑ "Integrity Entertainment Corp". The Los Angeles Times. September 7, 1983. Retrieved May 5, 2020.
  8. ↑ Sahagun, Louis (March 11, 1984). "Record Retailers Get the Picture, Stock Video". The Los Angeles Times. Retrieved May 5, 2020.
  9. ↑ Rayl, Salley (October 21, 1984). "VIDEO GAME PAYS $100,000 TO 'SLEUTH'". The Los Angeles Times. Retrieved May 5, 2020.
  10. ↑ Willis, Barry (August 16, 1998). "Wherehouse Buys Blockbuster Music for $115 million". Stereophile . Retrieved May 4, 2020.
  11. ↑ "Music Retailer to Buy Wherehouse's Assets". Associated Press . September 16, 2003.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.