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Tower Records Files Chapter 11 Bankruptcy
Tower Records Inc. is singing a new tune: Chapter 11. The music and entertainment chain on Monday filed for Chapter 11 bankruptcy protection, burdened by too much debt and hammered by competition from large retailers, and Internet music downloading and piracy. The bankruptcy filings for Tower and its privately held parent, MTS Inc., cap a long period of distress for the money-losing chain of 93 stores, which sources say was unable to find a suitable buyer. MTS, based in West Sacramento, California, said its 3,100 employees, vendors and in-store and online customers will not notice operating changes because of the… Read more »