Tower Records update

Three likely bidders have submitted "letters of intent" and there have been expressions of interest from nine others. A lead bidder is expected to be named next week. After that there will be a second round of bidding, led by the lead bidder (sometimes called the "stalking horse"), which would set the floor price. No names were mentioned, but earlier documents said that potential bidders included Tower founder Russ Solomon and TransWorld Entertainment Corp. Tower's investment banker is L.A.-based Houlihan Lokey Howard & Zukin.