The End Of Tower Records

[Rohan Kohli]

Tower Records will be liquidated (http://www.hitsdailydouble.com/news/newsPage.cgi?news06361), beginning tomorrow:
The chain that began in the back of a Sacramento drug store owned by Russ Solomon’s father and grew to be the leading record retailer in the world is shutting down.

Tower Records will be liquidated beginning tomorrow after Great American, the lead-bidder in a 30-hour auction, bid $134.3 million for the property.

The liquidator put together a consortium of other suitors who were bidding on different components of the retailer. Earlier in the day, it had appeared that maybe Trans World would acquire the famed retail chain, but that report was erroneous.

UMGD President Jim Urie told Billboard: “It's a sad day for the music business and I feel badly for all Tower employees. Tower was probably the greatest brand that will ever exist in music retail.”

The company owed some $200 million to its major label creditors.

In court. Michael Bloom, a partner with Philadelphia law firm Morgan, Lewis & Bockius LLP, which represents the creditors committee, questioned if the winning bid was actually the best. Trans World's partners, Hilco Merchant Resources, LLC., upped its bid by $500,000 after the auction closed, matching Great American's bid, making it more attractive to Tower’s 2700 employees and its 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.

Tower Records could live on via Tower.com. Norton LLC, part of the Great American consortium, put up $3.8 million to acquire Tower.com and the now-defunct Pulse Magazine.

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

[fuzzypenguin]

thats nuts

[roedin]

fuuuck i work there.

well, time to stock up on my movies and music!

[brandneww]

that's insane...i guess u never know

[romantic rights]

fuuuck i work there.

well, time to stock up on my movies and music!

yikes. sorry to hear that man.

[SilenceBrokenTT]

he should've seen it coming months ago...

[btbam > you]

i'm sad

[Kiss Of Octopus]

looks like im spending all my pizza delivery money stocking up at tower records this month.

[BLueSS]

I like sales! :-D

[Shaved Goat]

god dammit. poop. but now i can get all their cds cheap-like. sweet.

[Shaved Goat]

wait a second errrbody. the site says there aren't any stores in florida. this is really confusing. i'm pretty damn sure i've been in some stores in florida. this is really fuckin weird. no more weed for me

[BLueSS]

No Florida on the list, Shaved Goat.

http://www.towerrecords.com/stores/Default.aspx

[Shaved Goat]

No Florida on the list, Shaved Goat.

http://www.towerrecords.com/stores/Default.aspx

yeah i know. thats whats trippin me out. this is kinda like bizarro world. or at least the twilight zone

[BLueSS]

Well, maybe you'll be able to get some online sales or something.

[Shaved Goat]

Well, maybe you'll be able to get some online sales or something.

hopefully they'll still be hella cheap

[BLueSS]

I've usually found cheaper prices on the site than instore... and free shipping; oh and promo codes for like $5 off from previous orders. ;-)

[Shaved Goat]

i was supposed to get some free issues of Paste magazine after i ordered the Band of Horses cd off the site awhile back, but i never got them.

[BLueSS]

I wouldn't count on getting them now.

[Shaved Goat]

oh i know. i gave up on that a long time ago anyway

[Greg Dona]

looks like im spending all my pizza delivery money stocking up at tower records this month.

I ate two whole pizzas tonight. I'm feeling very nasty.

[Shaved Goat]

I ate two whole pizzas tonight. I'm feeling very nasty.

thanks for sharing

[garlicgirl1210]

liquidation sales are always weird....but that might just be me.
i mean, i do love saving money but it is kind of sad at the same time.
what a bummer.

[Cursethishearse]

Not a surprise at all...

You can't even find CDs from some labels in the stores anymore because they couldn't make the payments for the product. And Tower has always been on shaky ground for about 5 years now because they almost went under before. They just could never compete with stores selling music and movies for cheaper and then when the iTunes Store started, it was thrown for a loop and could never recover.

[marchfaster]

Not a surprise at all...

You can't even find CDs from some labels in the stores anymore because they couldn't make the payments for the product. And Tower has always been on shaky ground for about 5 years now because they almost went under before. They just could never compete with stores selling music and movies for cheaper and then when the iTunes Store started, it was thrown for a loop and could never recover.

thats what they get for a shitty business plan

[Tom Da Bomb]

first media play now Tower records?!

That would be awesome if Trans World bought the company, I heard they were the highest bidder..guess not..

I just hope all those stores dont get replaced by a Sam Goody, FYE, or Best Buys...even thought you know eventually It will happen.

[FstFtsVsFences]

:crytears:

Any word on if those sales will be online too? I just moved to Michigan where apparently they don't have any. Gay.

[FstFtsVsFences]

Damn it, I'm tired of all my smileys being changed.

[Julia Conny]

Oooooo. Out-of-business sales.

[Cursethishearse]

:crytears:

Any word on if those sales will be online too? I just moved to Michigan where apparently they don't have any. Gay.

It wouldn't surprise me if they tried to survive online and keep a lot of the merchandise they couldn't sell in a warehouse and sell it through the website. I don't know any more details than what has been posted here, but I'll have to talk to my industry people and see what they know.

[ACA]

I was just listening to my bootlegs of Thursday and Thrice at Tower Records.

Lame.

-ACA

[NationalProduct]

sad day it is, but...world moves on, evolve

[AFSjulian]

I've only been to the Tower Records in LA and while it was cool being there just because of the history that it has, I didn't actually buy anything because the prices were unreasonable, especially compared to Amoeba there or my local Best Buy here. They obviously couldn't change with the times, but that's cool for all the people who are going to get cheap stuff now. I wish there was a store in Ohio.

[tommyhaych]

fuuuck i work there.

well, time to stock up on my movies and music!

Lord knows how you didn't find out this was happening before now.

[alexwohl29_90]

god damn this sucks...



but i got me some money...


Im hittin that place up.

[Cursethishearse]

I've only been to the Tower Records in LA and while it was cool being there just because of the history that it has, I didn't actually buy anything because the prices were unreasonable, especially compared to Amoeba there or my local Best Buy here. They obviously couldn't change with the times, but that's cool for all the people who are going to get cheap stuff now. I wish there was a store in Ohio.

That was part of the problem with them being just a music and movies store. They were subject to the prices that the labels and studios set and had to adhere to those prices rather than a store like Best Buy, where they're able to subsidize their music and movie sales by selling other products like computers, fridges, TVs, etc.

Here's another link about the liquidation. Might need some registration to see it: Tribune article (http://www.chicagotribune.com/business/la-fi-tower7oct07,0,1324534.story?coll=ch i-business-hed)

[fallingapart101]

I posted this before. I just got a job there by King Of Prussia in PA, and yesterday was my first day and I get back from break and the tell me this. From what I hear the sale is going to start off really big so I'm just holding a lot of crap. Tower Records prices my have sucked, but Tower was the first ever record store and a big part of pop culture. It is sad to see it go.

[Cursethishearse]

Lord knows how you didn't find out this was happening before now.

The company that bought them got them last night and then immediately said "LIQUIDATION!!!!"

The mangers at the stores didn't even know yet. The Chicago Tribune called the four Towers in the Chicago area and they had no idea that it was happening. Apparently the LA Times called the Sunset Strip store:

Tower store managers who were contacted Friday had not been informed of the liquidation sale. "Really?" said one staff member answering the phone at Tower's flagship store on the Sunset Strip. "I had no idea."

[fallingapart101]

E-mails were sent out, right away. And then Russ said liquidation starts right away.

[concretedetail]

seeeya

[slickwataris]

they had an excellent magazine collection that you couldn't find anywhere else. I've seen a lot of bands there too. this is sad.

[ThatGuy]

can't wait to see what opens at 66th and broadway in place of this. really sucks cause now i have to find some other place to get dvds

[krishasaheadake]

you see how stealing music doesnt just hurt the labels or the artists. it also can fuck some dude down at the sam goody who has a kid and gets paid 10 bucks an hour.

i downloaded like crazy for years, but ever since i started working at a well known label i realized that it also fucks the people who are just working to get by.

I'm all about getting media via interweb but we need to do something suckas!

[notoaststereo]

sucks

[permanent]

you see how stealing music doesnt just hurt the labels or the artists. it also can fuck some dude down at the sam goody who has a kid and gets paid 10 bucks an hour.

i downloaded like crazy for years, but ever since i started working at a well known label i realized that it also fucks the people who are just working to get by.

I'm all about getting media via interweb but we need to do something suckas!

I am going to go ahead and put this out there. The main reason that Tower went out of business is because Best Buy and Circuit City are putting cd's at such low prices that Tower couldn't keep up.

[alexxxisonfire]

fuck Tower man, they're always late when you pre-order something.

[shane hennessey]

looks like its jjust best buy in the new orleans area now

[krishasaheadake]

I am going to go ahead and put this out there. The main reason that Tower went out of business is because Best Buy and Circuit City are putting cd's at such low prices that Tower couldn't keep up.

I agree

But im speaking in general, not just tower.

[best_mistake392]

noooooooooooooooooooooooooooooooooo oo
damn it..........
not cool
now where am i going to go to get my music
first it was warehouse........i could live with that
then the took my second spin........that was hard to cope with
now this.........
im so screwed
*off to find a new music store again*

[shane hennessey]

does the sale start today (saturday) or tommorrow (sunday). HDD makes it seem like its today

[MiloFIckRocks]

from what i understand (i work there too :-() the sales start today....

well, off to work.

[XpunkXroutineX]

damn, why couldn't this happen when i was in phoenix.

i don't think there's a tower records here in NM.

:(

[Roboman]

Shit, I remember when I spent over $200 of my parents money at Tower during a summer camp at Vanderbilt a few years ago...I was just like "WEEE MONEY, ME BUY CDS!!!!" That's how I got Motion City Soundtrack, Matchbook Romance, and a bunch of semi-obscure rock bands...in a way I'm really glad I spent all that money, but I also still kind of regret it. Anyway, this is a shame. But why are the people that bought them immediately liquidating them?

[shane hennessey]

i just called the new orleans tower and they said the liquidation dosent start this weekend but they havent been told when it will

[Cursethishearse]

i just called the new orleans tower and they said the liquidation dosent start this weekend but they havent been told when it will

They probably haven't been told anything yet. The company that bought Tower hasn't exactly told the managers at the stores what going on. Every report about the liquidation, however, says that it starts today. They might just not have any information on it and are trying to downplay it since they're in denial.

[Signals Corrupted]

the tower records here is doing like 10% off cds and dvds, 20% off books, and like 30% off magazines.

[roedin]

Lord knows how you didn't find out this was happening before now.


we actually thought the company that bought us would keep us open... but i guess not. we were told everything was going to be ok, because this has happened before, and tower pulled out fine. not this this time.

[joz]

that sucks.
i found loads of cool cds there when i went to visit my sis

[radio napalm]

this is awful. i'd get most my cd's at tower. i'd go to it maybe once and week and spend anywhere up to three hours there.

[cory-182]

I saw June, As Tall As Lions, The Junior Varsity and LBC acoustic at one close to my house.

Next thing you know, best Buy will be the only place where one can buy music.

Do us all a favor and do not support Best Buy!

[LPMagic]

Do us all a favor and do not support Best Buy!
Haha, what?!

I'll enjoy buying my CDs for 7.99-9.99, thank you very much. Or would you prefer I stick to downloading only?

- Jeff

[pace_yourself]

ya the sales not that great its 10%of everything except books witch is 20% and mags witch is 30%, what sucks for the people at my store is like ones been there fore 32 years the and 2 others almost 20 years we knida knew it was coming but didnt think the liquidator would actually win when i got to work at 10 yesterday they told us trans-world won and that we'd be staying opening that was word from the main office then when the magager got back from lunch he got a new e-mail staying that reat american won and were closing

[That's Creepy]

we actually thought the company that bought us would keep us open... but i guess not. we were told everything was going to be ok, because this has happened before, and tower pulled out fine. not this this time.

I used to work at the one in Brea, Ca and it was by far the best job i ever had. If they paid more i would have never left. Sad times for all my Tower family. It was always fun being elitest snobs about music and dvds behind the counter haha

[h8redsoul]

i'm off work tomorrow, im there

[GreenJellyBean]

that sucks. i loved going to instores at tower.

[frankpistol]

sales sales sales!

[cahrishurr]

I saw June, As Tall As Lions, The Junior Varsity and LBC acoustic at one close to my house.

Next thing you know, best Buy will be the only place where one can buy music.

Do us all a favor and do not support Best Buy!

Im sorry, but i dont have enough cash flow to pay for overpriced cds. Best Buy is my greatest option...that or Coconuts Music...which i like sometimes. They have some more obscure stuff Best Buy sometimes doesnt have.

[Roadie]

Tower Records is the closest thing to a mom and pop shop. You dont see artist signings at Best Buy and Circuit city. You dont see great magazine racks, artist/band posters, obscure action figures in those stores. The world is a worse place now that tower is gone.

[tragedyco]

went to the sale in my town today... only 10% off the regular price of cds. Its pretty much more expensive.

[NeedsMoreGingha]

The managers at the stores absolutely knew about the liquidation but were informed to play dumb until the news broke from corporate. Initial reports were that Transworld was the new owner, but the bankruptcy judge had the final say.
The liquidation sales technically started Friday night just as soon as they could get it downloaded. It's only 10% off for now, but discounts will get deeper as time goes on.
Sorry, there are no Florida, New Mexico, or Michigan stores. There was one in Michigan but it closed after only two years from lack of business. Where were you then?
Online (the URL) was sold separately. At this time (I just checked) there is nothing on the website about a sale. That could change. Technically, the saleable product belongs to the liquidation company, but the properties belong to whoever owned them already. The only properties sold separately were the Sunset location and Campbell, CA.

[Chris Fallon]

Guess I better get down to Seattle soon then! Sale time!

[sc0ttm]

I used to work at the one in Brea, Ca and it was by far the best job i ever had. If they paid more i would have never left. Sad times for all my Tower family. It was always fun being elitest snobs about music and dvds behind the counter haha
shiiit. i picked up an application there last week and was going to turn it in on monday... guess not

[FourStarters]

I used to work at the one in Brea, Ca and it was by far the best job i ever had. If they paid more i would have never left. Sad times for all my Tower family. It was always fun being elitest snobs about music and dvds behind the counter haha
I was definitely at that store just last night.

[deFobbed14yrs]

thats to all of u ppl downloading, look what the worlds coming to!

[XpunkXroutineX]

they had a good selection of magazines. i'll miss that.

[spitfire6647]

tower sucks

why pay 16.99 for a new release, that costs 7.99 at best buy. The selection is pretty good at tower, and the magazines as well. However, best buy is always cheaper, and quicker.

[roedin]

I used to work at the one in Brea, Ca and it was by far the best job i ever had. If they paid more i would have never left. Sad times for all my Tower family. It was always fun being elitest snobs about music and dvds behind the counter haha

haha. i feel you there. even though i haven't been working there too long, working at tower kicks ass. i'm gonna miss it when it's gone. you're right the pay does suck, but the work environment is the best i've ever been in.

[unholy_amanda]

I'll miss Tower. I am excited about the sale though.

[lou<>phillips]

i work in a compusa that shares the building with Tower. if they gave a shit about their employees, maybe they have paid them a little more than minimum wage. i feel bad for the employees.

[suchacreep]

Ahhh, no more Tower in stores and signings! All which were free! Le sigh.

I never really had a problem with Tower's prices. I've gotten some amazing CDs from at the time obscure bands that didn't have CDs out at most other stores (All American Rejects when they were stil under Doghouse Records, Action Action, Plain White T's, Juliana Theory, etc etc) brand new for under $10. Even bigger names had some good sales. And when they weren't on sale they were still the same price as other music stores (sam goody, fye, etc) and maybe only a couple dollars more than the discount stores (best buy, target, wal mart). oh well, the closest tower to me is an hour and a half away :/

[mmmuffins]

It might just be the Dublin, CA store, but things are only 10% off. I really did just spend $95 on 7 cds. Lame.

[ishotthepilot]

oh my god. thats crazy. i wonder if anthing's going to 'replace' them

[unholy_amanda]

It might just be the Dublin, CA store, but things are only 10% off. I really did just spend $95 on 7 cds. Lame.I'm from Dublin! Wow, small world. Yeah the sale sucks.