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Spin Spirals Out Of Control, Greenland Steps InAfter months of rumors following a sharp drop in sales and stock price, Spin Records has finally been taken over by Greenland Corporation. Spin Records CEO Tim Gerber accepted the terms of the acquisition, acknowledging that it was in the best interests of the company’s remaining shareholders. The record store has suffered from the popularity of MP3s and online streaming services in recent years. — [1]—.After the takeover was announced by Greenland Corporation President Michael Anderson in a press conference yesterday, it was confirmed that all Spin Records stores will be rebranded as Greenland Media Market. — [2] —• This new brand will combine the corporation’s traditional focus on electronic devices while maintaining the prominent positioning of CDs, DVDs, and other media products that Spin Records specialized in. — [3]—.Market analyst Debra Chopin said the move could be a risky one for Greenland Corporation. —[4] —. “Greenland secured a very good deal when they bought the stores and the physical stock that Spin Records owned as Spin had to sell low due to the financial difficulties it was facing,” she said. “However, Greenland may soon discover that there is simply not enough consumer demand for their products to justify keeping all the retail outlets open. We could see a number of the Greenland Media Market stores close down in the next year, with large numbers of layoffs.”