Headlines

Tower for Sale

Parent company seeking buyer for music retailer

Published

18 years ago

August 21, 2006

admin1

MTS Inc. (Sacramento, Calif.) has announced its intentions to sell its Tower Records subsidiary through a process under Chapter 11 of the Bankruptcy Code.

“Tower Records has conducted an extensive sale process and this step will allow buyers to complete a sale in time for the holiday season while maximizing the value for stakeholders,” said Joseph D'Amico, Tower's recently named ceo. “Potential parties seeking to acquire Tower Records recognize the strength of the brand and its unique position within the marketplace, making it a very attractive opportunity.”

The company has also entered into an $85 million debtor in possession financing, to fund its operations and purchase of new product while it completes the sale.

Tower owns and operates 89 music stores in the U.S. with 144 additional stores run by licensees in nine different countries.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design