New York-based piano maker Steinway & Sons has acquired the 124-year-old Jacobs Music Co., one of Philadelphia’s oldest retailers, for an undisclosed amount, writes Ryan Mulligan for the Philadelphia Business Journal.
Jacobs Music, owned by the Rinaldi family since 1976, has four locations across Pennsylvania and New Jersey, including its flagship store on Chestnut Street in Philadelphia, which first opened in 1937. Prior to the acquisition, which was finalized on October 6, Jacobs Music was a major dealer of Steinway & Sons pianos.
As part of the acquisition, Steinway & Sons will now operate the Jacobs Music stores.
The Center City and Princeton stores will remain open through the holidays. They will then close temporarily before reopening under the Steinway & Sons brand. The two remaining stores in Cherry Hill and Ephrata will close by the end of the year. The new owner has yet to determine where in those markets it will open its new showrooms.
“Philadelphia is a natural fit for us, not only because of its musical heritage but also its proximity to New York City, where our historic factory and headquarters are located,” said Gavin English, Steinway & Sons president of the Americas.
While Steinway & Sons acquired the retail business, the Rinaldi family will continue to own and operate Jacobs Piano Tuning.
Read more about Jacobs Music and its future in the Philadelphia Business Journal.
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