ICONIC Brisbane music shop Rocking Horse Records has won a temporary reprieve from closure by a mysterious benefactor.

The store, which was opened on Adelaide St in 1975 before moving to Albert St in 2004, has been a focal point for Brisbane's independent music scene.

But increasing digital downloading, high city rents and slow retail trading had threatened the Brisbane institution.

The Courier-Mail reported in early July that the city's last major independent record store could close its doors by the end of the month.

But owner Warwick Vere said an 11th-hour development meant closure had been averted.

"We've had a change in circumstances so we'll be trading on," he said.

But Mr Vere would not reveal details of the changed circumstances.

"It wouldn't be right to announce exactly what it was," he said.

"I don't want to be mysterious but I was asked not to say anything.

"(But) we've received some good news that's allowed the sums to add up a bit better."

A statement on the company's website denied the shop was manipulating loyal customers with a fake "fire sale".

"No, we're not doing a 'Rugs a (Million)' ," the statement read, referring to the Australian rug store franchise known for its long-running series of "closing down" sales.

Mr Vere said he had been touched by the outpouring of emotion that had greeted the news of the music shop's imminent demise.

"It's been quite amazing," he said.

"I think people regard you as an institution that will always be there."

But he warned that the shop could only survive with the support of its loyal customers.

"There was a lot of wailing and gnashing of teeth when we were about to close by people we hadn't seen in ages," he said.

"In their mind they frequent the place a lot more often, but hopefully they visit us more in the future because you can't survive without customers."

Originally published as Here comes the cavalry for Rocking Horse