MINNETONKA, MN-Musicland Group, a top music and video retailer that was spun off from Best Buy two years ago, said it has landed a $25-million equity investment from its majority owner, an affiliate of Sun Capital Partners.
Sun Capital, a private investment firm based in a Boca Raton, FL, said the money is to finance Musicland's new store openings and make improvements to existing stores. Musicland's retail outlets operate under the brand names Sam Goody, Suncoast and Media Play. The chain sells music, movies, videogames, books and related products at about 900 stores in the United States, Puerto Rico and the Virgin Islands.
"Musicland is reinventing our stores from the traditional stop and browse format to a lifestyle-driven, experiential retail environment that enriches the customer experience," says Eric Weisman, the chief executive officer of Musicland.
Weisman says that his company plans to offer new products in the areas of food, fashion, digital media, wireless and consumer electronics because "consumers today weave entertainment into all aspects of their lives."
The money will help fund new growth strategies, which will include working on new store formats, new product offerings and new technology.
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