Tower Records

[Adam]

According to teh LA Times, they are all going bye bye, even Tower Sunset.

http://www.latimes.com/business/la-fi-towe...-home-headlines

Tower Records to Sell Off Inventory

Liquidation specialist Great American Group, which bought the bankrupt music retailer for $134.3million, plans to close all 89 stores.

By Alana Semuels, Times Staff Writer

October 7, 2006

The new owner of Tower Records will begin liquidating the music retailer's 89 stores beginning today, just hours after a 29-hour-long bidding war.

"We're going to have discounts for consumers to enjoy as they've never been seen before in the history of Tower Records," said Andy Gumaer, president of Great American Group, a Los Angeles-based firm that won the auction and plans to liquidate the company.

Great American, which specializes in liquidation, paid $134.3 million for Tower — $500,000 more than the bid by runner up Trans World Entertainment, which had hoped to keep some stores open. The bidding started Thursday morning and lasted through the night. The offer was approved Friday by a judge in Wilmington, Del.

Tower store managers who were contacted Friday had not been informed of the liquidation sale. "Really?" said one staff member answering the phone at Tower's flagship store on the Sunset Strip. "I had no idea."

Calls to Tower's corporate offices were not returned.

Great American Group is deploying representatives to Tower's 89 stores to facilitate the liquidation, which is expected to last about six weeks, said Gumaer, who used to shop at Tower. "It's sad to see a dynasty like Tower be liquidated," he said. "It's emotional for all of us."

The chain has been struggling for years. It filed for Chapter 11 reorganization in 2004, recovered, and then filed again in August 2006. At least three major music companies stopped shipping CDs to the chain in August, saying the retailer had not paid its bills. Tower owes creditors about $210 million.

Founded in Sacramento in 1960 by Russ Solomon, Tower isn't the first beloved music store to close: Others such as Camelot Music, Musicland and Strawberries have closed as shoppers migrated to the Internet or to discount stores. Retail music sales fell 17% from 2000 to 2005, according to the Recording Industry Assn. of America.

But Tower's demise is not a death knell for traditional ways of buying music: More than half of album purchases are from retail outlets, said Geoff Mayfield, an analyst at Billboard. "That would be an obituary that is too early to write."

[7/4]

You're a mad man Rod!

Yes, I've come to that same conclusion many times.

Usually, just a look around here confirms that.

I've been there too.

[Patrick]

Swung by the Tyson's Corner shop Saturday afternoon while out running other errands. No evidence of anything getting liquidated yet. Looked around a bit at the high prices [eg $13 for BN RVGs] wondering if 30% will be enough to get my interest. Made a note of a title or two I would return for if deals improve substantially. This vulture ain't swoopin' in yet.

[homer9600]

I had to drive to Westchester to visit my mom and I decided to cross the Tappen Zee to Nanuet. I drove past Tower and sure enough there were signs in the window stating "This store is closing," and "Everything on sale."

I couldn't bring myself to go in. I know you can buy music cheaper online than at Tower - and I do but for me there was an entire ritual surrounding a trip to Tower.

I shopped at five Towers: Paramus, Nanuet, Yonkers (which closed in 2004) and Stamford (and occasionally Broadway and 4th during my now rare teips into the city).

They all had a slightly diffrent mix in their jazz and vocal sections. They were always special trips for me. As much as I like the ease of shopping online, I just love going in an actual store and discovering things. That happened a lot for me at at Tower especially before I discovered groups like this and got the heads up on what's coming out.

I'm aware that Tower is not what it was ten, fifteen, twenty years ago, but when I started getting back into Jazz it was always there for me and it was miles ahead of any other record store at least in my neck of the woods which is populated by mini FYE's Sam Goody's, Strawberries and other chains.

The ritual was I would get in my car and take a drive to Tower which for me involved a couple of hours. This was my way of chilling especially during stressful times. My favorite was Saturday afternoon trips to Stamford. I would drive through a number of small New York and Connecticut small towns, drive back roads and play music in the car. It was always the same; I'd get to Stamford off the Merritt stop at the doughnut shop across from Tower, get a crueller and a cup of coffee and then go shopping. On the way back I would take a different route and go through rural northern Westchester towns.

Sometimes I would bring home eight or ten CD's sometimes only one. But never did I not find something that I wanted.

The saddest thing for me is that I have no reason to make the trip to Stamford anymore.

Life goes on, habits and preferences change, Tower will go and I will adjust. It was nice while it lasted.

[Guest akanalog]

when i was in college in providence i would drive up to boston to go to the tower up there every now and then. always came home with a bunch of interesting stuff. lots of collectors choice BN and ECM discs, great import section too.

Edited October 8, 2006 by akanalog

[kh1958]

The Dallas Tower has already commenced its liquidation sale. However, at this point it is a very modest sale--only 10% off of CDs and DVDs.

[chewy-chew-chew-bean-benitez]

I REMEMBVER BACK IN THE EARLY 90S WHEN THIS TOWER OUTLET STORE WAS DOIN A CLOSING LIQUIDATION AND IT WAS THE FINAL DAYS. I FOUND A COPY OF WHISTLE STOP W/ A BROKEN CASE FOR 80% OFF- MY 1ST HANK CD (WELL CD "WITH" HANK)--- ANYWAYS, THE STORE WAS A MESS, SHIT WAS THROWN EVERY WHICH WAY ALL OVER THE PLACE- YOU COULD BASICALLY TAKE A CRAP-PILE TO THE COUNTER W/ YOU AND PAY FOR IT ALL W/ LIKE A 5.

[sidewinder]

The saddest thing for me is that I have no reason to make the trip to Stamford anymore.

Not even to call in at Mosaic Records?

[chewy-chew-chew-bean-benitez]

oh ohohoh old lp returns from the 80s toO! this was a time when towers didnt have 'used lp' sectoins like they do today....they had a ton of em

[Big Wheel]

The Dallas Tower has already commenced its liquidation sale. However, at this point it is a very modest sale--only 10% off of CDs and DVDs.

Same thing at the store on Market in SF. I'll have to check the other SF stores next weekend (is the Stonestown one any good? How about the one down in Mountain View?)

Edited October 8, 2006 by Big Wheel

[homer9600]

The saddest thing for me is that I have no reason to make the trip to Stamford anymore.

Not even to call in at Mosaic Records?

Well, if they had a retail store......

[robviti]

The saddest thing for me is that I have no reason to make the trip to Stamford anymore.

Not even to call in at Mosaic Records?

Well, if they had a retail store......

if effect they do. i've purchased several sets from them in stamford while on my way to nyc.

[homer9600]

The saddest thing for me is that I have no reason to make the trip to Stamford anymore.

Not even to call in at Mosaic Records?

Well, if they had a retail store......

if effect they do. i've purchased several sets from them in stamford while on my way to nyc.

Road Trip!

[sidewinder]

I have to say that I'm glad that Mosaic Records isn't within car distance from me. If it was I'd now be doing a 'Tower Records'.

[trane_fanatic]

The Dallas Tower has already commenced its liquidation sale. However, at this point it is a very modest sale--only 10% off of CDs and DVDs.

Same thing at the store on Market in SF. I'll have to check the other SF stores next weekend (is the Stonestown one any good? How about the one down in Mountain View?)

I went to the one in Stonestown yesterday. 10% off all CDs (I think all Towers are starting at that point first) and 30% off 'zines. Not nearly enough to start spending yet. FWIW, the CompUSA store downstairs is also going OOB after it replaced the Good Guys franchise that shut down.

Leopold's, Wherehouse, Sam Goody's, Musicland, Tower... all gone. Only big chains left are Virgin Megastore and FYE. None are gonna be in Baghdad-By-The-Bay. It's all about the indies... Streetlight, Rasputin's, Amoeba.

Edited October 8, 2006 by trane_fanatic

[J Larsen]

From what I have heard, all Tower Record stores everywhere will be liquidated, which seems kind of crazy. I really think the Manhattan and SF stores in particular could survive, and perhaps they will be converted to some other record chain. But like most people here, I found them too expensive with too few sales to justify going in on a regular basis (and the Chicago stores were never really anything to write home about).

I've been in the 4th & BWay Tower at least once a week every day since early 2000 (it's very near my apartment). There is no way in hell they have been making their rent (probably around $75,000/month) the last few years. In the late 90s, there was always a line at the checkout counter. The last few years, there have been an average of about 10 people shopping in the store when I go in.

[7/4]

From what I have heard, all Tower Record stores everywhere will be liquidated, which seems kind of crazy. I really think the Manhattan and SF stores in particular could survive, and perhaps they will be converted to some other record chain. But like most people here, I found them too expensive with too few sales to justify going in on a regular basis (and the Chicago stores were never really anything to write home about).

I've been in the 4th & BWay Tower at least once a week every day since early 2000 (it's very near my apartment). There is no way in hell they have been making their rent (probably around $75,000/month) the last few years. In the late 90s, there was always a line at the checkout counter. The last few years, there have been an average of about 10 people shopping in the store when I go in.

Yep. The last few times I was there, I think I was the only person wandering around the Classical and Jazz depts.

[J Larsen]

Yeah, and now that I've been thinking about it, $75,000 is an EXTREMELY low estimate for their rent. I know two people who own restaurants in the area, both are a tiny fraction of the size of Tower and in prime but not quite as prime locations. One pays $20,000/month, the other pays $35,000/month; both signed their leases in 1999 or 2000. And, of course, the tiny CBGB space, which isn't in nearly as good of a location, is going on the market for around $30,000. It's hard for me to guess how much they are paying for that space, but on further reflection I would think it is well into the six figures. I'm actually a little curious... maybe I'll look into the bankruptcy documents if I get bored at work tomorrow...

Part of what killed the 4th and BWay location is that it was largely dependent on sales to NYU kids, who of course belong to the download demographic big-time.

[LAL]

The Tower Records chain in Malaysia, which is not owned by Tower US but a franchise by a local, is continuing its operations. According to the guy at the jazz/classical section, the main reason they are still in business is because it's basically a front for the other highly lucrative "business" of the franchise-owner, namely pirating of music and movie discs (mostly Asian stuff).

Meanwhile, I've been happily picking up some titles at big discounts - these have been sitting on the aisles for at least 8-9 years. Btw - the jazz department is also largely deserted even during peak hours for Tower.

[jasonguthartz]

Are they saying a going out of business sale starts TOMORROW?

The liquidation sale started this weekend, apparently at 10% off all stock - but expect that discount to increase over the coming weeks:

"Great American Group is deploying representatives to Tower's 89 stores to facilitate the liquidation, which is expected to last about six weeks, said [GAP president Andy] Gumaer, who used to shop at Tower."

http://www.chicagotribune.com/business/la-...1,6919218.story

[tjluke68]

I remember in the late 80s/early 90s when I was late teens/early 20s, going to Tower Records in Philly. I was into more alternative music at that time (Japan/David Sylvian, Ministry, Thrill Kill Kult, Siouxsie, etc) and always finding some interesting titles or imports there.

Now, I hit the Tower by Lincoln Center once-in-a-blue-moon to see what they have, but the prices are just too much - after tax, almost $20 for some re-issues. I worked in the music biz for 5 years (in marketing) so I hate to see them close.

Maybe it's inenvitable considering the state of music, but I think the judge should've gone with Trans World, considering all the jobs lost, potential revenue stream and his gavel hammering another nail in the coffin of the music industry...

[Jim R]

I happened to drive by the local store yesterday, and noticed all the "going out of business sale" signs. After a few years of decline there, very few decent sales, and the blossoming of a couple of good indie stores nearby, I haven't hung out there nearly as much, and I wasn't even tempted to go in. Sad, though, and hard to believe. I started shopping for LP's there when it opened, whenever that was... '73? '74?. I feel like I spent half my life in that place (and spent half the money I've ever had). Sigh...

[Aftab]

This is very sad to me personally.

When I moved to Green Bay from Seattle, one of things that I missed was my bi-weekly or so trip to Tower Records in Bellevue - a very cool 2 story store that had a pretty decent jazz section 3 years or so ago. I used to love to browse through those aisles and just check stuff out - if they had one Grant Green cd they had all of them. And when you'd hit a sale it was awesome - I stil have discs I haven't got too yet with a Tower Records $7.99 sticker on them (I'm slow, I know) The place even had its own smell as dumb as that sounds.

There's a decent B&N here, as well as a local chain that gets all the new jazz releases on release day (they have good prices too - RVGs - $9.99 all the time), but none of them compare to my memories of the Tower Stores in Bellevue and Seattle (that Seattle store is like a landmark!)

It's a bummer for sure.

[BeBop]

In Denver, there are several guys standing out on the street (39 degrees and raining) with sandwich boards - 30% off everything, or so it says. (I kept driving.)

[Chuck Nessa]

Shit happens. Life goes on.

I gave up on "serious" music stores a few years ago. I regret it but won't spend a lot of time mourning. A few valiant anachronisms survive and I praise them.