Music & Arts Center sells and rents band and orchestra instruments and offers music lessons. After the acquisition, locally based Guitar Center will keep the chain's name. The company will convert its 19-store American Music chain, also the seller of band and orchestra instruments, to the Music & Arts name.
Frederick, MD-based Music & Arts Center has annual revenues of $95 million to $100 million and its stores average 3,000 sf, said Marty Albertson, Guitar Center's chairman and CEO. The company's senior management will continue to oversee the chain, as well as American Music.
During its Q4, which ended Dec. 31, Guitar Center posted a same-store sales increase of 10% over the same year-ago period. The company operates 138 Guitar Centers, which mainly sell guitars and amplifiers, and plans to open six more by the end of this quarter. So far this year Guitar Center has opened units in Flint, MI, and Tulsa, OK.
The company's consolidated net sales in 2004 were $1.5 billion, up 18.7% from 2003. Guitar Center also owns instrument Musician's Friend, which sells instruments through its catalogs and website.
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