AP Business Wire: A federal bankruptcy judge on Friday approved the sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer. Great American plans to begin the liquidation process and going out of business sales on Saturday, which eventually will result in the elimination of the jobs of some 3,000 Tower employees.
Our fathers had hardware stores. We had Tower Records. The loss of the Tower Records building and facade from the Sunset Strip will be a seismic shift for Los Angeles culture, akin to paving over the Garden of Allah into a parking lot or the plan to turn the Capitol Records building into condos.
It doesn’t surprise me that Tower ran out of cash. Creditors finally caught on to their lack focus. I used to call on this company selling some of the specialty items they carried in their stores. Their corporate office was pretty bland looking from the outside, but once you walked in, you could see management’s waste, starting with the frivolous/pretentious artwork that was everywhere. They begged my company to sell them products, which we did only after we put them on COD. The really sad part is the wonderful people that worked so hard to keep Tower going as long as it did. I’m sure the grunts all lost their jobs, while management walked with huge packages (and the artwork).
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