[BC] Tower Records in trouble

[Alan Kline]

>From another list:

http://www.tunelabmusic.com/commentnews.php?subaction=showcomments&id=1154704525&archive=&start_from=&ucat=4&

Major Labels Stop Shipment To Tower Records
Digital sales are up. Retail record stores sales are down and Tower
Records has been one of the hardest hit. The LA Times is reporting that
Universal Music, Warner Music, Sony BMG and EMI have stopped all
shipments of albums to Tower stores around the country due to unpaid
bills. The news comes after Tower appointed Joseph D'Amico, who has
been described as a "crisis management and bankruptcy specialist", as
its new CEO.

Tower has also reportedly told the labels that they would not be paying
outstanding invoices. A music executive told the Times, "There are some
music companies that have been trying very hard to keep Tower afloat.
They owe a lot of money."

The retail chain has been up for sale for quite some time and have
confirmed that it is working toward the company's sale. Tower Records
has 89 stores across the U.S.

------ At 11:30 AM 8/8/2006 -0700, The Most Honourable Reader wrote: -------
>
>Barry,
>
>Recent reports indicate Tower Records is close to sale or bankruptcy, 
>whichever comes first.
>
>Apparently they owe a lot to the record companies, some of whom have 
>stopped shipments to Tower.
>
>Guess all those increased RIAA fees to broadcasters sure didn't help 
>the record stores enough. Oh wait - you mean the record companies 
>kept all the money?  Who'd a thunk?