The rumors we’ve been chasing for a week have been confirmed: Russ Solomon will close R5 Records, likely by the end of the month.
R5, which Solomon opened at 16th and Broadway immediately following the demise of his Tower Records chain, had been foundering in the double-whammy of recession and a dwindling market for music product. Lately R5 had shifted focus toward vinyl, the only musical format that is seeing growth. I suspect that the departure of Dal Basi, longtime buyer for both Tower and R5, who is leaving R5 to start a boutique vinyl shop in Midtown may have hastened Solomon’s decision.
Unconfirmed rumors point to the Dimple Records chain as a buyer for the store.