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ivan@stellysee.de
| From | "josh chasin" <jchasin@nyc.rr.com> |
| Subject | Re: Tower Records bankruptcy |
| Date | Fri, 6 Feb 2004 11:43:36 -0500 |
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I hear they're being acquired by the Bottom Line.
----- Original Message -----
From: "Jaimie Vernon" <bullseyecanada@hotmail.com>
To: <audities@smoe.org>
Cc: <jth@e-hoeck.com>
Sent: Friday, February 06, 2004 11:33 AM
Subject: Tower Records bankruptcy
> This from the Toronto Star:
>
> Tower Records headed for bankruptcy?
> ASSOCIATED PRESS
>
> WEST SACRAMENTO, Calif. - Tower Records, the pioneering record
> retailer that invented the music megastore, is likely to file for
> bankruptcy in the next week, a source close to the matter said today.
> The bankruptcy could clear the way for a potential buyer, the source
> said, speaking on the condition of anonymity.
>
> MTS Inc., the privately held parent of the West Sacramento-based
> chain, declined to comment on the possible court filing. Such a
> filing would be nearly a year after MTS decided to sell Tower because
> it could not pay off $5.2 million (U.S.) in debt.
>
> Tower Records was launched with a single store in 1960 - the same
> year as the Twist dance craze - and soon became internationally
> recognized for its in-store concerts and a deep selection of popular
> and obscure music.
>
> But the chain has fallen victim to a slump in the music business and
> its own missteps in a rapidly changing retailing environment.
> "It doesn't surprise me," said Phil Leigh, digital music analyst with
> Digital Inside Media. "The brick-and-mortar retailers are facing a
> serious problem. They've got to deal with Borders and Wal-Mart and
> the trend toward digital distribution."
>
> Tower Records owns about 100 stores, down from 171 during its heyday
> when annual sales topping $1 billion were routine.
> The retailer's decline began in 1998 as falling sales, lack of hits
> and discounters such as Best Buy and Wal-Mart cut into profits of
> traditional record stores.
>
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