The rumors are true: City Lights Records, 316 E. College Ave., will close its doors on Jan. 30.
Store owner and local mainstay Greg Gabbard said the situation is a result of the recent economic downturn in the music industry.
"It's just economics," Gabbard said. "If I were a sensible man, I would have closed it maybe a year ago, but I love it so much - I just hung on."
Starting Monday, City Lights will hold a week-long sale leading up to its closing on Saturday.
The store will shift to an online presence, Gabbard said.
Read tomorrow's issue of The Daily Collegian for more updates.