The neon records that grace the front of Sam the Record Man's flagship store are going to stay on Yonge Street -- even though the business is closing.

City council designated the building's neon signs and façade as a part of Toronto's heritage on Friday.

That means future owners will be signing on for the prime downtown spot - with the Sam icon on location.

"It may be on the corner, it may be on the roof, bit it will remain a landmark," said Councillor Kyle Rae.

Rae said enthusiastic public campaigns to save the landmark, including an online petition, played a huge role in city hall's decision.

"People see it as an icon - it represents their youth, it represents Yonge Street, it's been the symbol of the main street of Canada," Rae said.

The company's 81-year-old founder, Sam Sniderman, began selling records in 1937. He opened the Sam the Record Man store on Yonge St. in 1961.

During the 1960s and 70s, Sniderman helped promote the records and concerts of artists such as Anne Murray, Gordon Lightfoot, Buffy Sainte-Marie and Joni Mitchell.

His efforts in supporting young and rising musical talent in Canada and his push for CanCon regulations earned him a place in the Order of Canada.

In recent years, the company has had to deal with increased competition from big chains such as HMV, and has lost revenue since Internet downloading began cutting into its business.

Sniderman called Coun. Rae's office Friday to thank the city for saving the sign, CTV's Desmond Brown reported.

The Yonge Street store is slated to close its doors June 30.

With a report from CTV's Desmond Brown