Japan Firm Buys Tower Records Japan
Local management and a Japanese investment firm have bought the Japanese arm of Tower Records Inc., the country’s third-biggest music retailer, from its U.S.-based parent company for $122 million. The deal signs over Tower Records’ 51 outlets in Japan, including its multi-floor flagship store in downtown Tokyo, to Tower Records’ local management team and to Nikko Principal Investments Japan Ltd., a unit of Nikko Cordial Corp. Nikko spokesman Joichi Ito said his company finalized the buyout Thursday with San Francisco-based MTS Inc., parent company of Tower Records. MTS will retain ownership of its Tower Records stores in seven other countries.… Read more »