Tower Records Shut Down

A federal bankruptcy judge in Wilmington, Del. approved the sale of Tower Records to Los Angeles-based liquidator Great American Group for $134.3 million on October 6. The company owes creditors about $200 million and filed for Chapter 11 reorganization in August. Tower has stated that it has been hurt by an decline in music sales, downloading of online music and competition from big-box stores such as Walmart. Russ Solomon, founded Tower Records in the back of his father's Sacramento drugstore in 1960 in Sacramento, Calif. Opening the company's landmark store on Hollywood's Sunset Boulevard in 1969. As part of the bankruptcy auction, the Sunset property will be sold for $12 million - Music Video Wire