Lead Bidder for Tower Records May Shut Retailer Down

Authored by Mark Hefflinger on September 14, 2006 - 12:28pm.

Sacramento, Calif. - Tower Records parent company MTS Incorporated announced on Wednesday that Great American Group has been selected as lead bidder for the bankrupt music retailer's assets. Woodland Hills, Calif.-based Great American Group is a provider of asset management, disposition and financial services -- an indication that Tower might be shut down entirely if the company's bid is successful. Great American's clients have also included Aron's Records, Musicland and Wherehouse Music. MTS added that competing bids are still being accepted, in advance of the auction for Tower's assets, to be held in Wilmington, Del. on Oct. 5. "We are happy to have the Great American Group offer, and look forward to a vigorous auction with more bidders for Tower's business," said Tower Records CEO Joseph L D'Amico.
http://biz.yahoo.com/prnews/060913/sfw099.html?.v=54
http://www.sacbee.com/103/story/23012.html
http://www.greatamerican.com
http://www.omnimgt.com (auction information)
http://www.tower.com