Tower Records' parent on track to file for Chapter 11...

[Zim Hosein]

The retailer's decline began in 1998 as sales fell and discounters such as Best Buy and Wal-Mart began to cut into profits of traditional record stores. That year, Tower borrowed $110 million to expand into Great Britain, Asia, Canada and South America. Around that time, founder Russ Solomon boasted in a magazine interview that his company "can compete with anybody" and predicted a coming industry shakedown in which some companies would die and the "good ones will get bigger."

Nice job Russ Solomon

http://www.signonsandiego.com/news/business/20040206-9999_1b6tower.html

 

[Kalvin00]

How the mighty have fallen

 

[Nocturnal]

That is what happens when you charge $20.00 for a cd with one good track.

 

[conjur]

HA ha

 

[T2T III]

Originally posted by: Nocturnal
That is what happens when you charge $20.00 for a cd with one good track.

You mean to tell me they also sell CDs at Tower Records? I thought the store was just a hang-out spot for people with multiple piercings on their bodies and coloring added to their hair. Or, at least that's what it seems like to me when I go to Tower.

I guess I wouldn't be at all surprised by the bankruptcy filing. I don't know how a store could survive when selling items @ MSRP levels on a constant basis when there are hordes of people out there who don't want to pay retail prices when they buy.

 

[bleeb]

Originally posted by: Nocturnal
That is what happens when you charge $20.00 for a cd with one good track.

But they do have the BEST selection mang.

 

[Kadarin]

Blame the mp3 pirates! Arrrrrrrrr....

 

[Cerb]

Let's see, Aqualung (remaster, early 1999):
Amazon online: $13.99 (free shipping over $25, and spending $25 at Amazon is easy)
Tower online: $15.99
Tower B&M two weeks ago when I planned on buying it: $17.99
'nuff said.

 

[dethman]

tower sucks. i'm not paying 19 bucks for a cd.

 

[acemcmac]

Fight the power!!!

 

[Analog]

oh well, none around here.