Float On It: A Creative Community

Tuesday, October 10, 2006

Tower Records R.I.P.


"Get ready for some big bargains at Tower Records. On Friday a
bankruptcy judge in California sold most of the legendary chain's 89
stores to a liquidation company for $134.3 million and the liquidator
plans to lay off all 3,000 employees and unload all theCDs in a giant
"going out of business sale." Apparently the flagship store on Sunset
in LA was sold separately as was the online store, but a last minute
bid from another music retailer,Transworld , came up short and Tower is
now history. At the time of the sale, the struggling retailer was over
$200 million in debt and had fallen behindiTunes in gross revenues." -- Gary Pini VIA.