Monday, October 9, 2006

Tower Records to Leave Peabody Place

Posted By on Mon, Oct 9, 2006 at 4:00 AM

After filing for Chapter 11 reorganization in August but unable to fix its financial woes, Tower Records is no more, according to a report in the Marin Independent Journal. The company was sold at a two-day auction for $150 million, and store closings and layoffs are beginning now. The company, with 89 stores across the nation, was in the red to creditors to the tune of $200,000 million, was bought by Trans World, the entertainment company that also recently acquired the Sam Goody music store chain. About 24 Tower locations are expected to close, including the Memphis location in Peabody Place.

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