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  • Tower Records to be liquidated; 3,000 are expected to lose jobs

    10/07/2006 1:08:21 AM PDT · by Proud_USA_Republican · 83 replies · 2,063+ views
    Seattle-Times ^ | 10/7/2006 | Randall Chase
    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...