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.
5:05 PM Friday, October 6 2006 • Link
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