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Suncoast video store in mall closing as company regroups
The Suncoast Motion Picture Company store in Federal Way will close by about the end of next month as a result of the financial restructuring of its parent company.
The store, located in The Commons at Federal Way, was officially handed over to liquidators last Wednesday, according to a spokeswoman for Musicland Group Inc. That move formally started a going-out-of-business sale that will end with the stores closure in six to eight weeks, she said.
The spokeswoman said the Federal Way store, which opened in 1990, has six employees.
Musicland is a national specialty retailer of music, movies and other entertainment-related products. Its involved in a Chapter 11 bankruptcy proceeding while the company undergoes a financial restructuring.
In addition to Suncoast, Musicland operates Sam Goody stores and MediaPlay.com. In June 2003, Musicland was acquired by an affiliate of Sun Capital Partners Inc.
In addition to its on-line business, Musicland has nearly 900 retail stores in 48 states, Puerto Rico and the Virgin Islands.
Suncoast is the third store in a national retail chain to close or announce plans to close in Federal Way this year. Old Navy closed at SeaTac Village at the end of January, and Toys R Us, after nearly 20 years here, will shut its store by this spring. Both locations are in the downtown area.
Although the closures are tied to business factors, no specific explanations were given by the owners of Old Navy and Toys R Us.
Other national or regional retail businesses that have Federal Way in the past two years include Mervyns, The Gap, Gottschalks and REI. Some, such as The Gap, had done business here for as long as 25 years.
New retail development thats underway in the city includes a Wal-Mart superstore and The Crossings commercial center, all near the Interstate 5 and State Route 18 interchange. Also, work has begun on a 16-screen movie theater at The Commons at Federal Way in a space formerly occupied by the Gottschalks store.
Another pending shift in the retail landscape is the move of Borders Books from SeaTac Village directly across South 320th Street to The Commons. Details about the relocation havent been announced.
Suncoast sells movies and movie memorabilia, including posters, books, apparel and collectibles. The stores carry more 16,000 movies, plus movie-related magazines and soundtracks.
The first store opened in Roseville, Minn. in 1986 under the name Paramount Pictures.
Sam Goody stores, which started as Musicland in Minneapolis, Minn., in 1956, sell music recordings and other products.
Chapter 11 bankruptcies establish a court-supervised restructuring of a companys obligations, allowing the company to address its financial issues and restructuring while continuing normal day-to-day operations.
Musiclands restructuring could take as long as 12 months, according to the company.