Salvatore Muoio owns 18.2% of Handleman following share purchases

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Salvatore Muoio and S. Muoio & Co. LLC reported the purchase of 1,680,781 shares of Handleman Co. in a schedule 13D/A filed with the Securities and Exchange Commission.

The shares were acquired between Aug. 26 and Oct. 21 at prices from $1.38 to $2.13 each, the filing said.

Muoio beneficially owns 3,725,707 shares, or 18.2%, of the company's outstanding stock.

It was previously reported that Handleman shareholders approved the company's plan of liquidation and dissolution at the annual meeting on Oct. 1.

Handleman blamed dramatic changes in the music industry - its primary source of revenues - for the decision to liquidate.

The company said that while a cash distribution is a possibility, no assurance can be given that any distribution will occur, according to a prior news release.

Troy, Mich.-based Handleman is a category manager and distributor of prerecorded music to retailers.

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