XXLMag.com has learned that famed hip-hop record store, Fat Beats, will be closing the doors on its two remaining locations in New York and Los Angeles, next month.

In honor of Fat Beats’ 16 years in business, they will be throwing several tribute parties open to the public in both cities, as well as expected blow-out sales.

“The closing of Fat Beats is just like one of my friends passing away,” DJ Premier said in a statement. “They promoted vinyl at its highest degree for the culture of good music and that makes it more difficult to say goodbye."

Although the physical stores will no longer in existence, fans can still shop online and the wholesale distribution operation will also continue.

“This is the start of a new era in Fat Beats,” Fat Beats owner and president Joe Abajian said, “We’re adapting to meet the needs of our demographic by revamping and improving our existing systems. While our website, which stocks everything available in our retail stores, continues to do very well, we’re still exploring our options for alternate retail locations in the future. We’re proud of our legacy and will continue to re-invent ourselves. For now, we’ll see you online at FatBeats.com” —Elan Mancini