Posted on 10/07/2006 1:08:21 AM PDT by Proud_USA_Republican
WILMINGTON, Del. — After a lengthy auction stretching over two days, a federal bankruptcy judge on Friday approved the sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer.
After almost 30 hours of what attorneys described as "robust" and "vigorous" bidding, Great American won with an offer of $134.3 million, beating Trans World Entertainment, which had hoped to continue operating at least some Tower stores.
Peter Gurfein, an attorney representing Tower Records, said the company will be sold for an aggregate of $150 million, including the sale of various leases and properties.
Gurfein said Great American plans to begin the liquidation process and going out of business sales today, which eventually will result in the elimination of the jobs of some 3,000 Tower employees.
(Excerpt) Read more at seattletimes.nwsource.com ...
Buh-bye Tower Records. Times they are a changing......
Time marches on ...
Who wants to go to Tower Records to have your musical sense insulted by a the clerk, who is invariably a surly teen, emo kid, or a liberal who hasn't bathed in months? That's the kind of staff they've had at Tower Records since before I left LA.
I prefer cutting out the abuse and buying stuff from eBay or the iTunes Music Store.
The fact they haven't made records in 20 years is a pretty good clue your in the wrong business with a name like Tower Records. That, and something called an MP3.
Liquidation Sale?
Free markets punish poor businesses and reward good businesses. Tower has already been replaced by other retailers in the marketplace over they past 10 years. The 3000 jobs, and probably more, have shown up elsewhere in the economy. The auction and dissolution of Tower completes the process and allows successful businesses to redeploy what remains of Tower's assets, including its employees, in the form of new jobs.
But time and technology move on and Tower was probably the last big buggy whip company in the brick and mortar space.
I wondered when this would happen, was never able to come up with a viable model for them after technology changed.
One of the big selling albums of the 1970's had it's album cover's location as in front of Tower Records on Sunset. Name it.
Its a damn shame, Tower was the employer of several good musicians. I remember seeing many of the Gin Blossoms working at the University and Mill branch in Tempe, AZ.
Times are changing.
LOL. Maybe you and I go to the same one. The place is disgusting. Reminds me of a head shop without all of the paraphenalia. It's like a little trip to San Francisco.
Maybe they can get jobs following the Dave Matthews Band around cleaning up band scat.
Mmmmmmm?
Record stores are going the way of the buggy whip, which used to be one of the main hangouts at the mall are going the way of the buggy whip.
The above should be,
Record stores which used to be one of the main hangouts at the mall are going the way of the buggy whip.
Time for me to get some coffee.
I cut Tower out of my budget for the surly clerks, as well as the pro-gay and pro-abortion views of their Pulse publication.
I try to make all my music purchases from spun.com now.
True, and aside from the impact of Ipods & downloading individual songs instead of buying an entire recording.
What role has the "Rap" movement had on CD sales and the disintegration of record stores, nationwide?
There's a connection, but you can bet those responsible would never admit it.
"I prefer cutting out the abuse and buying stuff from eBay or the iTunes Music Store."
Amen to that, though I'm still an "old timer" I guess since I continue purchasing entire recordings.
...& almost always from Amazon.
Wrong. Vinyl records have resurged in the UK and sell great in Japan. New pressings are available here in the US in limited quantities and titles, but they're still around.
The Doors? Strange days?
hmmm Wherehouse is almost nothing, and Rainbow Records is nothing...
well before MP3s
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