Tower Records Up For Sale
More fodder for the cannon as Tower
Records, just fresh out of bankruptcy, has hired the Los Angeles investment banking firm of Houlihan Lokey Howard
& Zukin to market the company, according to a report in Billboard magazine. It's been clear for a while
now that the big brick and mortars were going to be the first casualties of the new digital terrain and this
is just another brick coming down from the wall. The market research firm Nielsen SoundScan said CD sales dropped 7
percent last year and have fallen 21 percent since 2000. Musicland was the latest big retailer to file for bankruptcy
and has just been taken over by Trans World Entertainment, which owns the FYE chain. Holiday sales at Tower were down
about 12.5 percent this year, and Tower's bondholders finally pulled the trigger for finding a way out. Anybody in the
market for a buggy whip store?
