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Goner Message Board / Memphis / And now some bad news from the other end of Downtown
Posted: Oct 6, 2006 11:51 pm
 
Looks like Peabody Place will soon have a mighty big hole to fill.

I can't say that the Memphis Tower store ever really won me over, but god only knows how much cash I dropped at the Nashville and New Orleans Tower stores in the late 80's and 90's -- I couldn't go to Nashville without making a side trip to the Tower on West End.

This is probably good news for small indie stores like Goner that cater to specific genres, but it's still kind of sad to see the era of big record stores finally go away...

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Tower Records going out of business
By Dale Kasler, Sacramento Bee

Tower Records is going out of business.

A bankruptcy judge Friday approved the sale of Tower's inventory to a consortium led by liquidating firm Great American Group. Going out of business sales will begin Saturday, Great American president Andy Gumaer said. He said the sale will probably take eight to 10 weeks.

Great American paid about $134 million for Tower's inventory.

Great American barely outbid Trans World Entertainment Corp., an Albany, N.Y., retail chain, following a lengthy closed-door auction in Wilmington, Del., that began Thursday morning, went through the night and into Friday morning.

"I am deeply saddened to report to you that after a very significant 29 hour effort, Great American has outbid (Trans World) at the auction," Tower Chief Executive Joseph D'Amico said in a note to employees. "My heart goes out to each of you who have poured your hearts and souls into this great company."

Tower's Web site is being sold separately, although details weren't immediately available.

Trans World and lawyers for the major record companies argued that Trans World's bid should have been accepted, even though it fell slightly short, on the grounds that keeping the business alive would have been better for the creditors, who are owed a total of more than $200 million.

The sale ends a sad chapter in the history of Sacramento - and the music industry - closing out a company that began 46 years ago with a single store on Watt Avenue. At its peak it was a worldwide icon with 200-plus locations. But the company struggled mightily for the seven or eight years, the victim of fierce competition from the Internet and big-box merchants.

The company filed for bankruptcy Aug. 20 for the second time in two years. The company was 85 percent-owned by its bondholders, with the rest owned by the family of Tower founder Russ Solomon.

The news brought shock and sadness to current and former employees. 'I think the liquidtor purchase is the saddest result," said former corporate employee Mike Farrace.


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Posted: Oct 6, 2006 11:55 pm
 
How big is the space?
Posted: Oct 7, 2006 2:47 am
 
Well, I'll just make the trip out to Planet Music in Hickory Hill.
Posted: Oct 7, 2006 4:09 am
 
fuck tower records. the only good reason to find oneself inside the monster is to be stealing anything and everything. they don't prosecute (Ive been caught there once out of maybe 50 times).
im glad to see them go, there was no need nor any room for such a huge conglomeration as was tower records. plus, it's not like they had anything especially cheap or anything that couldn't be found elsewhere. just my two cents.
Posted: Oct 7, 2006 4:10 am
 
another thing: chances are it'll be easier to walk out of tower with something free over the next few weeks than it will be to stand in those long, slow lines to actually buy the product..
Posted: Oct 9, 2006 6:27 pm
 
Well, I'll just make the trip out to Planet Music in Hickory Hill.

I'll meet you at the listening station. We'll pick-up some fresh Krispy Kreme.

Damn, that was my STORE when I was a teen.
Posted: Oct 9, 2006 6:56 pm
 
Planet Music had an insane selection for a non-indie megastore. I remember walking in there for the first time, with another nerd, and thinking, "Ok, Hickory Hill, megastore, I hope they do OK sedlling the entire Skullflower discography. They had a divider card made for the Happy Flowers."
Posted: Oct 9, 2006 7:22 pm
 
from one nerd to another they did have a very impressive selection.
Damn, that was my STORE when I was a teen.
seriouisly. at the listening station you could bring up a stack of like 20 cds and they'd open them all for you and you could listen to them in a comfy chair at your leisure. Good a.c. too.

for someone who still can't download that was a damn good resource.
Posted: Oct 10, 2006 4:02 am
 
Whoa! 10% off all cds! Hurry to the going outta biz sale...I think Flemings must be doing the liquidation.
Posted: Oct 10, 2006 4:58 am
 
What about 10% off all zines that have been sitting there for three years?
Posted: Oct 10, 2006 4:41 pm
 
Planet Music had an insane selection for a non-indie megastore.

I listened to Impala for the first time at the listening station at Planet Music. moved a way and it was gone when I came back. I felt like somebody punched me in the gut. I had always been able to find the non-radio shit I liked there.
Posted: Oct 13, 2006 3:59 am
 
Whoa! 10% off all cds! Hurry to the going outta biz sale...I think Flemings must be doing the liquidation.
Crap! That would mean there will be another grand opening...but without the sons on the adverts.

Besides, there's nothing like the great experince like pretending that I am in a tax-free state (Oregon perhaps?) while buying that 20-dollar Fergie CD.

Actually, the "gently worn" magazines are 30% off. Too bad them nudie mags are gone.
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