Tower Records Parent to File Chapter 11

[johnfunk]

http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20040205&ID=3361102

Tower Records Parent to File Chapter 11
February 05, 2004 07:48:00 AM ET

NEW YORK (Reuters) - The parent of Tower Records, a high-profile recorded music and entertainment retailer, plans to file for Chapter 11 bankruptcy protection after failing to find a suitable buyer, sources familiar with the matter told Reuters on Thursday.

Up until their financial troubles of a few years ago, Tower was one of the few brick-and-mortar chains that carried a hueueueueuge selection of independent labels and artists. You can be sure this will prompt the Sony-Bertelsmann-EMI-Warner-Universal cartel to drive more of the small guys out of the market -- at least in the traditional retail market.

[ramapo]

1. Expected

I'd heard awhile ago that Tower was in financial trouble. There's been a noticable decline in our local Tower outlet. Far less in stock, the classical outlet shutdown. The BN offers more though is a bit more expensive.

I do like browsing through cds that I can touch but it's so much easier to find what you're looking for online.

[JeebusH]

2. I hate Tower Records ....

so rude

[The Sushi Bandit]

3. I LOVE TOWER!!

THE BEST MUSIC AND THE BEST PRICES IN LA

[Sapphocrat]

9. And Tower on Sunset...

...is a landmark! Well, by L.A. standards, it is! :D Do they still have free concerts in the parking lot?

[Snellius]

4. I remember Tower when it just sold a few records in a drugstore

I used to go to Tower Records in Sacramento when it was only a back corner of Tower drugstore (next to Tower movie theater). It had only a few stacks of LPs, as they were called, and they would let you take them in a booth and listen first to see if you liked them. That was a LOOOOOONG time ago.

[cheapbeemr]

5. The old-time Tower's were soo cool.....

Now they're sharing space with appliance salesmen in Goodguys.

[GoddessOfGuinness]

6. Tower is the only store in my area with

a really decent selection of classical music and staff members who actually know what you're talking about when you're looking for a particular recording. They also stock a lot of recordings by local classical artists and composers.

Borders is the next best thing, and it pales in comparison.

While I'm not fond of giving my business to the huge chains, I know that the majority of the time I can find what I need at Tower. I'm afraid that won't be the case much longer.

[NashVegas]

7. And My Tower Sucks

I guess it depends on the store/city.

The Boston Tower I used to stop at when visiting was great.

Nashville? Forget it. The clerks are hired not for music knowledge but by the number of body piercings they have.

[Sapphocrat]

8. No! Say it ain't so!

The local Tower has been my compass since before I could drive! It started out as a funky, dim, little store with a real, live head shop (!) in one end. Over the past three decades, it's expanded to the size of a superstore, with the best selection of books, records (sorry, CD's!) and DVDs in a 40-mile radius.

Nothing beats Tower for its selection of cult movies and classical music (this store's got a huge, soundproofed, glassed-in classicial section) -- and I don't know of another bookstore outside of San Francisco proper that carries homegrown zines and alternative mags.

Well, it's not my fault -- God knows they've gotten the lion's share of my disposable income since I was 12.

:(

[pinniped]

10. Their DVD prices are higher than Target and Costco.

Sure their DVD selection was good but their items were simply not competively priced. When they had 25% off DVD sales then the prices were on par with Target and Costco.

They must have had some super high operating costs. Either that or all their employees get generous salaries complete with matching 401k's and 100% health care coverage.