Wherehouse Entertainment, Inc.,[2] formerlyIntegrity Entertainment Corp., also known asWherehouse Music andThe Wherehouse, was an American retail musicfranchise.[1][3][4][5]
| Formerly | Integrity Entertainment Corp. |
|---|---|
| Company type | Public |
| AMEX: WEI | |
| Industry | Retail |
| Founded | 1970; 55 years ago (1970)[1] |
| Defunct | 2003 (2003) |
| Fate | Purchased by Trans World to be converted to FYE brand |
| Headquarters | United States |
| Products | DVDs, compact discs, videos,records, video games, books,collectibles, accessories |
History
editIn 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 ofMoney 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 purchasedBlockbuster Music fromViacom.[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 toFYE brand.
References
edit- ^abGnerre, Sam (July 9, 2016)."The Daily Breeze's Sam Gnerre looks at the way we were in the South Bay".Daily Breeze.
- ^"Securities and Exchange Commission".sec.gov.
- ^"WHEREHOUSE ENTERTAINMENT INC reports earnings for Qtr to Dec 31".The New York Times. February 14, 1984. p. 13.
- ^Haupt, Wyatt (October 23, 2003)."Wherehouse Music shutting its doors in Temecula".The San Diego Union-Tribune.
- ^"Music Retailer to Buy Wherehouse's Assets".Associated Press. September 16, 2003.
- ^"Wherehouse Entertainment Inc".The Daily Breeze. September 11, 1983. RetrievedMay 5, 2020.
- ^"Integrity Entertainment Corp".The Los Angeles Times. September 7, 1983. RetrievedMay 5, 2020.
- ^Sahagun, Louis (March 11, 1984)."Record Retailers Get the Picture, Stock Video".The Los Angeles Times. RetrievedMay 5, 2020.
- ^Rayl, Salley (October 21, 1984)."VIDEO GAME PAYS $100,000 TO 'SLEUTH'".The Los Angeles Times. RetrievedMay 5, 2020.
- ^Willis, Barry (August 16, 1998)."Wherehouse Buys Blockbuster Music for $115 million".Stereophile. RetrievedMay 4, 2020.
- ^"Music Retailer to Buy Wherehouse's Assets".Associated Press. September 16, 2003.
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