SalemNews.com, Salem, MA

Local News

January 3, 2013

Music store to close in Beverly

BEVERLY — The F.Y.E. music store in the North Beverly Plaza is going out of business.

The plaza’s manager said the store is closing due to competition from online music buying and from stores like Walmart, Best Buy and GameStop.

“That whole merchandise category is really changing,” said Tom DeSimone of S.R. Weiner Associates, the company that manages the North Beverly Plaza.

F.Y.E. is owned by Trans World Entertainment, which operates 350 stores in the United States, according to the company’s website. The company has closed more than 100 F.Y.E. stores over the last four years.

Officials from Trans World Entertainment did not return a phone call seeking comment.

F.Y.E., which was once a Strawberries, has been located at the North Beverly Plaza for about 10 years. It is now holding a going-out-of-business sale, with up to 50 percent off merchandise. DeSimone said it will likely close by the end of January.

DeSimone said he has been speaking with a number of prospective tenants to fill the space.

“We have a fair amount of consistent demand in Beverly,” he said. “That’s a good center. We always have people who are interested.”

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