It's liquidation for Tower

A Delaware bankruptcy judge approved the sale of Tower Records to Woodland Hills-based Great American Group, which plans to liquidate the retail chain. With a bid of $134.3 million, Great American beat out Trans World Entertainment, which had hoped to continue operating at least some Tower stores. A going out of business sale will begin tomorrow. It means the elimination of 3,000 jobs - and, of course, the loss of a music and retail icon. It's a little surprising, given earlier indications that several parties wanted to keep the place going. Wonder how much they'll get for the Sunset Strip location - and who might buy.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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