It's over and done. Tower Records bankruptcy auction came down to two real players. In one corner stood Great American Group of Woodland Hills, bidding 134.3 million for the opportunity to liquidate everything that was Tower Records. In the other corner, Trans World Entertainment with a bid of 133.8 million and a plan to swallow Tower's stores into its own retail infrastructure and (hopefully) keep the giant alive.
Trans World's lawyers argued that its slightly lower bid should take precedence because it offered greater potential value for Tower's creditors over the long haul.
In the end cash on the barrel head won out over potential and plans; what's left of Tower Records will be liquidated in going out of business sales over the next eight to ten weeks.
Coolfer has rounded up a list of Tower Eulogies..
1. Ah... so many memories of going down to Tower.
I remember when the CDs showed up, when the records vanished, when the video section closed, and sleeping out in front of the Mt. View store to get Pink Floyd tickets. You just can't sleep in front of a Website. :)
Thank you Tower! You rocked.
Posted at 12:14PM on Oct 10th 2006 by Gideon Marken