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Friday, October 13, 2006
Farewell Tower Records

The news that Tower Records is going the way of, well, records struck a dissonant note with customers as the news sunk in this week that the 46-year-old music retailer has been sold to a liquidator that will close all the stores.

"I feel very sad about it," Ladd Fraternale, shopping in the country section at Tower's East Village store in Manhattan, said Wednesday. "I think they have a great selection here and the service is good."

On Oct. 6, a federal bankruptcy judge in Wilmington, Del., approved the sale of Tower to Los Angeles-based liquidator Great American Group for $134.3 million.

While no firm date has been set for the stores to close, "Going Out of Business" signs went up this week at Tower's 89 stores in 20 states and the chain's 3,000 employees have been told they will be laid off.

The company owes creditors about $200 million and filed for Chapter 11 reorganization in August. In its filing, Tower said it has been hurt by an industrywide decline in music sales, downloading of online music and competition from big-box stores such as Wal-Mart.

CDs were 10 percent off this week, still not a bargain. At 10 percent off the list price of $18.99, Beyonce's "B'day" was selling for $17.09, compared with $9.99 on Amazon. Great American President Andy Gumaer said the discount will increase over the six to eight weeks it takes to close the stores.

newsday


1 Comments:

Blogger FreeThinker said...

Ta-ta, Tower.

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