The liquidator bought 'em.

Big sale starts mananana.

So this isn't a 9/11 thread or a Stephen King thread.

Nope- it's a thread only us old guys can appreciate.

I'll miss the import section and friendly staff. I won't miss the high prices.

Another old guy chimes in- the Tower in Vegas was a "Try To Be Everything To Everyone" and did none of it well for me. Fuck 'em.

From billboard.biz


Tower Records To Be Liquidated

By Ed Christman, N.Y.
photo
Tower Records, the music industry's most famous retail brand, will be liquidated beginning tomorrow (Oct. 7).

After a 30-hour auction, the process was won by the lead-bidder, Great American, who put together a consortium of other suitors who were bidding on different components of the retailer. The winning bid was $134.3 million.

“It's a sad day for the music business and I feel badly for all Tower employees," says Jim Urie, president of Universal Music Group Distribution. "Tower was probably the greatest brand that will ever exist in music retail.”

In court Michael Bloom, a partner with Philadelphia law firm Morgan, Lewis & Bockius LLP, the law firm that represents the secured trace creditors committee, questioned if the winning bid was the best one. Bloom pointed out that one of Trans World's partners, Hilco Merchant Resources, LLC., upped its bid by $500,000—after the auction closed—thus matching Great American's bid. Bloom claimed the Trans World bid was more beneficial for the 2700 Tower employees and all the trade creditors.

But U.S. Bankruptcy Court Judge Brendan L. Shannon ruled in favor of the Great American bid, noting it was important to vindicate the Chapter 11 auction process.

There is a chance Tower Records brand could live on via Tower.com. Norton LLC, part of the Great American consortium, put up $3.8 million to acquire Tower.com and Pulse Magazine.

Out-of-business sales at Tower's stores will begin tomorrow.


From my experience, liquidation sales usually last for several weeks with weekly discount increments:

week 1: 10%
week 2: 10% + other larger non-music discounts
week 3: 20%
week 4: 30%
...50%
...75%
...90%

...& etc.

there are companies that professionally run liquidations, and several sam goody stores were liquidated earlier this year in what i imagine will be a similar fashion.

i'll be going to Tower every day for the next few weeks.

yeah, i think i'm going to take advantage of this - make a preliminary list based on how likely it is for music to still be there in a month and then go from there.

Do the discounts apply online also? Cuz we don't have Tower here.

Nah.. just got thru shopping Tower Records online. The best they offered as far as I could tell is Free Shipping on $20 or More! Not that I'm complaining.

Yeah. Not so much the imports as a good general selection.

So far, everything at the store here in Atlanta is just 10% off. I'm going to go back later this week to check again, and then probably again next Saturday.

Same here. But luckily since the Tower went down here in our city a lot of Indie stores have set up shop.

I've heard Transworld Ent. is buying them up. They own FYE and Suncoast among other stores. They bought up all the Sam Goodys as well.

I'll go for the scraps in a couple of weeks.

Hello Criterion DVD's at affordable prices

Thanks for info, helpful.

I just found out that Tower owes my landlord $225,000+.

I'll proably head over to buy DVDs and CDs later this week.

Gotta do what you can.