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August 23, 2006


Tower Bankrupt; Should Be Acquired

Tower Records declared bankruptcy for the second time, after doing so in 2004, multiple source reported yesterday. ICv2.com has tracked the story in addition to a related story about the bankruptcy of the Musicland chain. They identify Musicland purchaser Trans World Entertainment as a likely buyer, and note that debt financing has been secured and a sale should be fast-tracked.

As I recall, Tower didn't have as many comics-related accounts as Musicland because the latter was a bit more aggressive with anime -- it sounds like Tower's accounts have a great chance of being better taken care of in this incidence, anyway. The fact that Tower carried comics, albeit dependent on the individual store, was in the 1990s one of the few signs of interest from the outside world in the rapidly snowballing fruits of the comics medium.
 
posted 1:52 am PST | Permalink
 

 
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