Sanity will be closing the remainder of its 50 brick-and-mortar stores by the end of 2023.

The retailer, founded in Melbourne by billionaire businessman Brett Blundy, announced on Wednesday it will close its remaining 50 physical stores best known for selling CDs and DVDs.

At its peak Sanity operated more than 270 stores — opening 45 alone in the year 2000-01 financial year — and bought up fallen rivals including Brashs and HMV locally and Virgin Music in the UK.

Many factors including the exponential growth of music streaming platforms and digital music consumption had forced the company’s hand.

Current owner Ray Itaoui said, “With diminishing physical content available to sell to our customer, it has made it impossible to continue with our physical stores”.

Itaoui said the store will continue to operate as an online business.