Can't wait for......

[Dr. Anton Phibes]

...the giant liquidation sale!!!
 
 TOWER RECORDS FILES FOR BANKRUPTCY ONCE AGAIN
 
 Longstanding brick-and-mortar retailer Tower Records filed for Chapter
 11 bankruptcy protection for the second time in two years yesterday,
 confirming fears from a few weeks ago that major-label suppliers had cut
 off their CD shipments to the store after it failed to pay its bills.
 MTS Inc., the chain's corporate parent company, insisted in court papers
 that it would keep Tower open as a "going concern" and seek out a new
 owner. If a new owner is not found, a Chapter 7 liquidation of the
 company's assets could occur. The bankruptcy filing reveals details of
 Tower's decline: Sales declined nine percent during the past year, which the
 company claims was due to "intense competition" from MP3 download
 services and "big-box" retailers such as Best Buy and Wal-Mart. Tower last
 filed for bankruptcy in 2004. Tower hopes to finalize a sale within
 sixty days, subject to court approval. "Everybody's rooting for them," a
 longtime sales executive told Reuters. "We all need as an industry for
 people like Tower to be around."

[Charlie Nakatestes, Japanese Golfer]

That was my exact thought this morning.

[chaz]

Kemp Mill sucked, but I totally cleaned up when they were liquidating the store on 19th St a few years back.  At least I think that was on 19th....

[Guiny]

Originally posted by who the fuck are you?:
  Kemp Mill sucked, but I totally cleaned up when they were liquidating the store

What? You actually took a shower?   :eek:

[chaz]

Originally posted by Buck Satan:
   

Originally posted by who the fuck are you?:
  Kemp Mill sucked, but I totally cleaned up when they were liquidating the store

What? You actually took a shower?    :eek:  [/b]

No...what I actually meant is that I finally kicked the smack and the 'caine.

[CloverOverDover]

Calm down, vultures.
 
 Filing for bankruptcy does not equal liquidation. The filing was necessary to facilitate the sale of the company.
 
 Tower's not going anywhere anytime soon.
 
 

Originally posted by Dr. Jonas Sulk:
  ...the giant liquidation sale!!!
 
 TOWER RECORDS FILES FOR BANKRUPTCY ONCE AGAIN
 
 Longstanding brick-and-mortar retailer Tower Records filed for Chapter
 11 bankruptcy protection for the second time in two years yesterday,
 confirming fears from a few weeks ago that major-label suppliers had cut
 off their CD shipments to the store after it failed to pay its bills.
 MTS Inc., the chain's corporate parent company, insisted in court papers
 that it would keep Tower open as a "going concern" and seek out a new
 owner. If a new owner is not found, a Chapter 7 liquidation of the
 company's assets could occur. The bankruptcy filing reveals details of
 Tower's decline: Sales declined nine percent during the past year, which the
 company claims was due to "intense competition" from MP3 download
 services and "big-box" retailers such as Best Buy and Wal-Mart. Tower last
 filed for bankruptcy in 2004. Tower hopes to finalize a sale within
 sixty days, subject to court approval. "Everybody's rooting for them," a
 longtime sales executive told Reuters. "We all need as an industry for
 people like Tower to be around."

[Dr. Anton Phibes]

Originally posted by CloverOverDover:
 [QB] Calm down, vultures.
 
 Filing for bankruptcy does not equal liquidation. The filing was necessary to facilitate the sale of the company.
 
 Tower's not going anywhere anytime soon.
 
 
 >>>> Two bankruptcies in 2 years is defintely a grim indicator of where your company is headed!
 The first one,okay,that's a reorganization...when the second one pops up that fast and no takers emerge......and the fact that suppliers are cutting them off from product,and the business they are in is in a massive free fall.....it all adds up to me....I really am looking at this to be the death blow,but maybe I'm wrong.....a white knight may ride in and save the place......but,I doubt it.....

[CloverOverDover]

I didn't say that this bankruptcy was a good thing, or that Tower would be around until the end of time. I was merely saying that anybody looking for a liquidation sale might be waiting quite a while.
 
 According to reports, there are at least seven parties interested in buying the company. I think that's a pretty positive sign. It will be interesting to see how the company evolves after the sale. Could be really great.
 
 However much you might want to pick up a couple of CDs or DVDs at liquidation prices, rooting for the "death blow" is very short sighted. Losing Tower would be a pretty big blow to an already ailing industry.
 
 It's really too involved to go into here, but less there are of retailers like Tower, Newbury and Mom & Pop indie record stores, and the more "big box" stores control the market, the less smaller independent artists and labels will have a chance in the market. It's already bad enough as it is.  
 
 

Originally posted by Dr. Jonas Sulk:
 

Originally posted by CloverOverDover:
 [QB] Calm down, vultures.
 
 Filing for bankruptcy does not equal liquidation. The filing was necessary to facilitate the sale of the company.
 
 Tower's not going anywhere anytime soon.
 
 
 >>>> Two bankruptcies in 2 years is defintely a grim indicator of where your company is headed!
 The first one,okay,that's a reorganization...when the second one pops up that fast and no takers emerge......and the fact that suppliers are cutting them off from product,and the business they are in is in a massive free fall.....it all adds up to me....I really am looking at this to be the death blow,but maybe I'm wrong.....a white knight may ride in and save the place......but,I doubt it..... [/b]

[vansmack]

A message from the CEO of Tower Records:
 
 Iâ??d like to personally update you on whatâ??s happening at Tower and why this is such good news for you.
 
 As the CEO of Tower, I announced Sunday night that Tower is filing Chapter 11 reorganization. That might not sound like good news, but for the over 3,000 employees of Tower and Tower.com, as well as for our millions of loyal customers, itâ??s actually very good news. Hereâ??s why:
 
 We have the financing in place to continue operations as usual and have the product you have come to expect in our stores. And if we donâ??t, we can get it for you. It also means that we are now positioned to sell our company within the next 60 days or so, in time to have even more product for the holiday season. Most importantly, as usual, Tower gift cards are still good in any of our stores or on Tower.com.
 
 And now the best news of all: take advantage of our "Buy 4 Get 5," in store promotion and, when you bring this email in to any store between now and September 4, weâ??ll give you an additional $5.00 "CEO Discount" as a token of our appreciation for your loyalty. More savings for you!
 
 Russ Solomon, the founder of Tower Records, recognized the need to cater to you, the music and movie junkie, by opening the worldâ??s first music superstore in 1960. Today Tower is still the industry leader, thanks to you, our customer.
 
 So come by and see whatâ??s new in our stores and weâ??ll continue to keep you posted on our progress.
 
 Joe Dâ??Amico, CEO