Groovetech closed

Post by **enation.org** » Oct 1 2003 08:50 am

from another website:

"Internet Music And Media, in which [Ron Wood] is a 7.6 per cent share holder, is shutting it's Groovetech arm, an online store supplying music on vinyl to DJs. Groovetech never made a profit, said IMM, adding: 'We are assessing the impact of the closure on Groovetech LLC, our US subsidiary.' "

"Shares in IMM shot up to £286 million shortly after its flotation valuing the company at 106million. Recently it reported a full year pre-tax loss of 1.7 million for 2002, down from a £12.2 million deficit in 2001."

I know many people, including myself, was curious about this. There was more to groovetech than just the 'store'. They had archives and live streams. Are they gone as well?

Spyke · Post by **Spyke** » Oct 1 2003 11:48 am

Hooj closed, then Therapy closed, then Space34 closed, now groovetech closed.

shit this is getting depressing.