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Metropolis Reality Forums Ť Tower Records out of business ť

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   Tower Records out of business

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Topic: Tower Records out of business (Read 476 times)

Jim_Colyer
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Tower Records out of business
« on: Oct 19^th, 2006, 12:25pm »

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I could not believe it. I saw the sign on the Tower Records building on West End Avenue in Nashville---"Going Out Of Business." A clerk explained that massive debt caused the 89-store chain to be sold to a liquidator. I researched it. Tower Records began in Sacramento, California in 1960. Overexpansion was blamed for its collapse. What does this mean? Will a hole be dug somewhere and millions upon millions of garbage CDs bulldozed into it? All the obscene rap, drug noise and tattooed homosexual foulness of the last 25 years? Will the Tower buildings be razed? Will salt be poured on the earth where they stood so nothing can grow?

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Re: Tower Records out of business
« Reply #1 on: Oct 19^th, 2006, 4:12pm »

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Tower Records to Sell Off Inventory
Liquidation specialist Great American Group, which bought the bankrupt music retailer for $134.3million, plans to close all 89 stores.
By Alana Semuels, Times Staff Writer
October 7, 2006

The new owner of Tower Records will begin liquidating the music retailer's 89 stores beginning today, just hours after a 29-hour-long bidding war.

"We're going to have discounts for consumers to enjoy as they've never been seen before in the history of Tower Records," said Andy Gumaer, president of Great American Group, a Los Angeles-based firm that won the auction and plans to liquidate the company.

Great American, which specializes in liquidation, paid $134.3 million for Tower — $500,000 more than the bid by runner up Trans World Entertainment, which had hoped to keep some stores open. The bidding started Thursday morning and lasted through the night. The offer was approved Friday by a judge in Wilmington, Del.

Tower store managers who were contacted Friday had not been informed of the liquidation sale. "Really?" said one staff member answering the phone at Tower's flagship store on the Sunset Strip. "I had no idea."

Calls to Tower's corporate offices were not returned.

Great American Group is deploying representatives to Tower's 89 stores to facilitate the liquidation, which is expected to last about six weeks, said Gumaer, who used to shop at Tower. "It's sad to see a dynasty like Tower be liquidated," he said. "It's emotional for all of us."

The chain has been struggling for years. It filed for Chapter 11 reorganization in 2004, recovered, and then filed again in August 2006. At least three major music companies stopped shipping CDs to the chain in August, saying the retailer had not paid its bills. Tower owes creditors about $210 million.

Founded in Sacramento in 1960 by Russ Solomon, Tower isn't the first beloved music store to close: Others such as Camelot Music, Musicland and Strawberries have closed as shoppers migrated to the Internet or to discount stores. Retail music sales fell 17% from 2000 to 2005, according to the Recording Industry Assn. of America.

But Tower's demise is not a death knell for traditional ways of buying music: More than half of album purchases are from retail outlets, said Geoff Mayfield, an analyst at Billboard. "That would be an obituary that is too early to write."

http://www.latimes.com/business/la-fi-tower7oct07,0,4538052.story?coll=l a-story-footer

I think they'll just close, simple as that, no Armageddon-ish type of end for them. I mean, I wouldn't even have known if you didn't start this topic.

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Isle_be_back
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Re: Tower Records out of business
« Reply #2 on: Oct 20^th, 2006, 1:41am »

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BFD

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Bumper
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Re: Tower Records out of business
« Reply #3 on: Oct 20^th, 2006, 10:15am »

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on Oct 20^th, 2006, 1:41am, ExIsle_be_back wrote:

BFD

Just my two cents but I've been on these boards for over four years and consequently have seen a lot of people come and go in that time.
We've had people who have shared personal stories, impart pertainant information, and offered interesting insight to a plethora of various topics. The information usually falls into two catagories, wheat or chaff. Some posters find the keyboard irresistible, like the moth to the flame, believing that the rest of the civilized world cannot possibly survive unless the poster offers his/her comment, however trivial or juvenile it might be. The lasting reminder of this flippant rush to type often produces the result of disregarding one of Murphy's Laws: It is better to have people think you are a fool rather than to open your mouth and remove all doubt.

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If U R reading these old posts, know that we were once a great, active cyber-community, but as in all things..Time moves on. This is now a Ghost Town.

Isle_be_back
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Re: Tower Records out of business
« Reply #4 on: Oct 20^th, 2006, 11:18am »

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on Oct 20^th, 2006, 10:15am, Bumper wrote:

It is better to have people think you are a fool rather than to open your mouth and remove all doubt.

Has anybody ever really doubted this? Grin

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Insane 4 Survivor
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Re: Tower Records out of business
« Reply #5 on: Oct 20^th, 2006, 11:49am »

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on Oct 19^th, 2006, 12:25pm, Jim_Colyer wrote:

Will a hole be dug somewhere and millions upon millions of garbage CDs bulldozed into it? All the obscene rap, drug noise and tattooed homosexual foulness of the last 25 years? Will the Tower buildings be razed? Will salt be poured on the earth where they stood so nothing can grow?

Glad to see that you are such an accepting person when someones personal choices are different than yours Angry

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Rhune
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Re: Tower Records out of business
« Reply #6 on: Oct 20^th, 2006, 6:17pm »

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Wow...this is such an ugly thread for our site...

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