Monday, August 14, 2006

Tower Records' Fate About To Be Decided

Will Tower Records close its doors for good? Will it declare bankruptcy (again) and phoenix-like be back in business? They're $90 million in debt to major distributors but everyone still wants them to survive, even if bankruptcy meant people lost money. “Of course I want somebody to get in there and buy the chain,” one major-label distribution president says. “Can you imagine the blow to the industry if Tower Records on Sunset Boulevard became boarded up?”

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