Pegasus Music and Video, a 15-store chain selling prerecorded music, has been acquired by Wherehouse Entertainment, Torrance, Calif., for $10 million.
Garn said Pegasus will continue operating the stores located between St. George and Logan during the high-volume holiday season. He will continue to operate KSG Distributing, his privately owned firm that distributes music and motion picture videos to 2,600 music and mass merchants nationwide."Wherehouse Entertainment had a sincere interest in serving the Utah market, allowing us an opportunity to focus on our primary business of entertainment distribution," said Garn.
He said the Pegasus stores have consistently been profitable and this year should have $15 million in sales. KSD Distributing should have $36 million in sales this year.
Pegasus Music was launched in 1976 by Kevin Garn.