And, a month ahead of that deadline, the final two stores – in the Queensland locations of Bundaberg and Browns Plains – shut down on Sunday, Music.com.au has reported.

The iconic brand has pledged it will continue to offer the same services through its online store.

Sanity was founded by business heavyweight Brett Blundy with just a single store in 1980 called Jetts, in Pakenham, Victoria.

It sold vinyl records and cassette tapes.

By 1992, the brand relaunched as Sanity with the first outlet under that name in Doncaster, in Melbourne’s north-east.

The company was purchased by Ray Itaoui 13 years ago.

“With our customers shifting to digital for their visual and music content consumption, and with diminishing physical content available to sell to our customer, it has made it impossible to continue with our physical stores,” Itaoui said.

“Our online business – sanity.com.au – will continue to operate, and will service the many loyal customers the brand has continued to be dedicated to over the decades.”