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It would have made for a nice story, but Russ Solomon has decided to pass on a bid for Tower Records, the company he founded 46 years ago. A court-supervised bankruptcy auction is set for Oct. 5, and as of a few hours ago only one bidder was confirmed - a Chicago-based private equity firm. A few others are expected. These new bids do not include the designated lead bidder, Woodland Hills-based liquidation firm Great American Group, which is only interested in the inventory.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.