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Bankrupt Tower Records Sells Assets, Will Close Retail Stores

Authored by Mark Hefflinger on October 10, 2006 - 4:56pm.
Los Angeles - Music retailer Tower Records will shutter its 89 U.S. locations, a result of the sale of the bankrupt company's assets at auction on Friday to liquidation firm Great American Group for $134.3 million. An e-mail sent to employees from Tower CEO Joseph D'Amico said in part: "My heart goes out to each of you who have poured your hearts and souls into this great company," according to The Hollywood Reporter, which also quoted Tower attorney peter Gurfein as saying liquidation and going out of business sales launched over the weekend. Bidders for the assets of the 46-year-old company included fellow music retailer Trans World Entertainment (FYE), and Radius Equity, which had promised to keep Tower Records stores open. The company's online store at Tower.com was sold separately from the real estate holdings, and on Tuesday was still operating.
http://tinyurl.com/nz22z (Hollywood Reporter)
http://www.tower.com

tags: Video | Music | Commerce | Investing | Retail | Closings | Tower Records | Bankruptcies |

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