Sam the Record Man went into bankruptcy in 2001 and became defunct in 2007. On June 30, 2007, the iconic flagship store on Toronto's Yonge and Gould streets was permanently closed. The property was later purchased by Ryerson University (now Toronto Metropolitan University) and redeveloped into its Student Learning Centre. The iconic neon sign from the flagship store was restored and now exists as a permanent installation over the Yonge–Dundas Square. As of February 2024, one independent franchise store located in Belleville, Ontario continues to operate under the Sam the Record Man name, but its owners have expressed intent to retire soon, putting the future of the location into question.
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