Tower crashing down? | Bleader

Thursday, August 10, 2006

Tower crashing down?

Posted By on 08.10.06 at 04:07 PM

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Serious rumors have been circulating that Tower Records will soon file for Chapter 7 bankruptcy, leaving Chicago with only one real deep-catalog chain record store. (I don't count Coconuts as a real shop, nor would I honor Best Buy thusly.) The prospect of shopping at Virgin isn't pleasing. According this article from Reuters, Tower owes major debts to the major labels and numerous independent distributors--including about $20 million to the Warner Music Group alone. Not only would the loss of Tower make it harder to find catalog titles in Chicago, but the chain's post-closing liquidation wouldn't go very far in helping indie distributors recoup the money they're owed--which means that some of them are at risk of going belly-up. 

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