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Tower Records Files for Bankruptcy
Monday, August 21st, 2006 at 3:00 PM - by Jeff Gamet
The brick-and-mortar music chain Tower Records filed for Chapter 11 bankruptcy protection on Sunday for the second time in three years. BusinessWeek reports the company hopes to sell its assets through a court supervised auction scheduled for October 5 - and that the buyer will keep the chain open.
Music stores like Tower have been hurt by stiff competition in recent years from retailers like Wal-Mart, Target, and Best Buy, Amazon.com, and now online music services like the iTunes Music Store. Musicland succumbed earlier this year when it sold its assets, including its Sam Goody stores, to Trans World Entertainment. Trans World is one of the potential suitors for Tower's assets, too.
Tower specifically cited legal music download services as a major contributing factor to its financial troubles. The company noted in its court filing that album sales for 2005 dropped 7.8 percent while sales from the iTunes Music Store and other online services rose 200 percent.
Lisa Amore, a spokesperson for Tower Records, stated that the company intends to keep the Tower brand alive. Inside Digital media senior analyst, Phil Leigh, has a more pessimistic outlook. "I think they'll sell off the name and liquidate the inventory," he said.
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