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TOWER RECORDS reportedly about to file for bankruptcy

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TOWER RECORDS reportedly about to file for bankruptcy

Old 02-05-04, 03:38 PM
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TOWER RECORDS reportedly about to file for bankruptcy

It doesn't mean that they are going out of business, but it sure doesn't look promising...

MTS Inc., the parent of high-profile entertainment retailer Tower Records, plans to file soon for bankruptcy protection after failing to find a suitable buyer, people familiar with the situation told Reuters on Thursday.
A Chapter 11 filing for protection from creditors by MTS would cap a long period of financial distress for privately held Tower, a chain of nearly 100 stores located mainly in the United States that sell music and video entertainment in various formats.



http://au.news.yahoo.com/040205/11/nla8.html
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Old 02-05-04, 07:16 PM
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It's not surprising with their high prices.
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Old 02-05-04, 10:25 PM
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I haven't bought a thing at Tower in about 10 years. Best Buy killed them in my neighborhood.
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Old 02-05-04, 10:52 PM
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I agree with you guys. Back in 1989-1990 it was my retailer of choice. The prices were fair and the selection was decent. Now, I don't even bother going anywhere near them...
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Old 02-07-04, 04:56 PM
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The one near me just closed last month. Used to buy my laserdiscs there back in the early 90's. After the internet & DVD's came around, I never bought anything there anymore.
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Old 02-07-04, 08:09 PM
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There use to be a Tower Records/Books/Video store close to my apartment. I rent video and buy books from the store. It's too bad they can't compete well with online stores.
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Old 02-08-04, 06:59 PM
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Tower records used to be main chain store for buying music in my area. Sad how they have been left in the dust.
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Old 02-09-04, 05:08 PM
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I wonder what will happen to the Tower Records on Sunset Blvd. in Hollywood. It's almost an historical landmark on Sunset Strip.

I remember seeing some really "classic" bands there doing promotional tours signing albums. (Often times you'd spot a celebrity browsing through the racks.) It is/was open 365 days a year until 12 midnight each night so if you didn't have somewhere to go you could always hang out there and just go through the racks and racks of stuff.

It's a shame they couldn't figure out some way to make it work and still make a profit. (If I recall correctly there was a time when the music clerks at Tower were trying to form a union and demand higher wages. I don't think that they were successful.)
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Old 02-09-04, 07:15 PM
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I don't think there's a Tower Records anywhere in my area.

The market has changed. You can't charge $17.99-18.99 for a CD anymore. People don't want to pay it anymore because now they KNOW they're being ripped off. I don't download music anymore and I still don't buy CD's. I haven't bought one in a year. If you watched the Grammys last night you'll see why. Give me something worth buying at a decent price and I will GLADLY buy it!. I'm not paying $18.99 for Britney Spears, Justin Timberlake or Beyonce'. Not gonna happen.

Unfortunatley the retailers are going to be hit first. Sign of the times and a changing market I guess.
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Old 02-13-04, 09:45 PM
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Selection at Tower Records: Thumbs Up
Prices at Tower Records: Thumbs Down

I love that they have albums from all of the lesser-known labels (Merge, UP, KPunk, etc). But you can't go charging 40% more than the CD costs on those labels' websites! It's just ridiculous.

It's just like going to Suncoast to buy DVD's. Who does that?
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Old 02-15-04, 01:53 AM
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I go in there to buy incense occassionally.
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Old 02-15-04, 10:20 AM
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Shopping at Tower used to be a great experience because of the selection; not only of music but of magazines, laserdiscs, videos, etc.

There wasn't a Tower in my area (Dallas) until about 5 years ago, so I would always make it a point to visit while I was traveling. Like many others, I hope they can find a way to make it work.

One thing I always hated about shopping at Tower, though was the remanant price stickers. When they had an item on sale, they but a second price tag with a perforated lower half on the sale price. When the item went off sale, the perforated price was removed, but because the top was still there, so you knew the CD (or whatever) was on sale at one time. This always seemed to me like adding insult to injury.

Last edited by Doc Moonlight; 02-17-04 at 06:09 PM.
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Old 02-16-04, 08:03 PM
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Originally posted by Doc Moonlight

One thing I always hated about shopping t Tower, though was the remanant price stickers. When they had an item on sale, they but a second price tag with a perforated lower half on the sale price. WHen the item went off sale, the perforated price was removed, but because the top was still there, you knew the CD was on sale at one time. This always seemed to me like adding insult to injury.
You're so right! Even back in the days when I actually shopped (rather than browsed) at Tower, more than once I passed on something that HAD been on sale because it's like they're waving a little sign at you that says "it can be bought cheaper".
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Old 02-17-04, 01:47 PM
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the only positive thing I can say about Tower is that they are a good place to buy import CD singles. At around $7.99 they are an okay price since the current dollar to pound conversion is pretty bad.

Also I really like their magazine selection, much better than B&N and Borders IMO.
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Old 02-17-04, 10:09 PM
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Did they sell pr0n dvds or am I confusing them with Virgin?
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Old 02-18-04, 01:08 PM
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Agree with the nice selection, bad prices complaint. I have to admit though, it certainly does make me make some impulse buys. And yes, they do have porn dvds
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