Morlings Music in Lowestoft has gone into voluntary liquidation and will have its last day of trading tomorrow (June 30th), the BBC has reported.
According to chairman Richard Morling, customers choosing to buy online and the cost of its final salary pension scheme were the main reasons behind the decision.
"Sales generally suffered and people were buying from the internet, but there is room here for musical instrument shops. I'm confident someone else can open one in Lowestoft," he said.
A recent report into their pension scheme showed it had a shortfall of around £500,000.
"It said we needed a considerable amount of money to top-up this scheme which was impossible," added Morling. "We've had so many expressions of sympathy – 'we thought you were an institution and you'd be there forever' – but the problem is you're not there forever and you never can tell."
The shop employs two full-time members of staff and one part-timer.