Feb. 15--The Jazz Record Mart, which long billed itself as "The World's Largest Jazz and Blues Record Store," closed its doors at 11:30 a.m. Monday, 10 minutes after a deal was completed to sell the business, according to manager/buyer Kent Richmond.
Wolfgang's Vault -- a Reno, Nev., operation that buys and sells music, film and other cultural items -- has acquired the store's inventory and the Jazz Record Mart name and web site.
"We had a lot of people knocking on the doors this morning," said Richmond. "We did open at 10 and did a fair amount of business for the short time we were open.
"Once the deal was finalized, that's when we had to close the doors."
Also sold in the deal were "record bins, all the art work and everything," said Richmond. The inventory will be shipped to Nevada.
Bob Koester put the business up for sale, he told the Tribune exclusively on Jan. 29, because of rising rent.
"The rent is killing us," he said at the time.
Koester began selling records in Chicago in the late 1950s and established the Jazz Record Mart name in 1962.
Koester also owns Delmark Records, a company that he says is "doing well" and will remain in business.
hreich@tribpub.com
Twitter @howardreich
