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ivan@stellysee.de
From | Christopher <plattc@optonline.net> |
Subject | Re: Tower Records bankruptcy |
Date | Fri, 6 Feb 2004 11:52:24 -0500 |
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And if only they hadn't kept playing The Darkness in the U.S. stores,
they'd at least still have their female customers.
> -----Original Message-----
> From: audities-owner@smoe.org
> [mailto:audities-owner@smoe.org] On Behalf Of josh chasin
> Sent: Friday, February 06, 2004 11:44 AM
> To: audities@smoe.org
> Subject: Re: Tower Records bankruptcy
>
>
> 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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>
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