The End of Tower Records
It's official. Tower Records has been bought out by liquidation firm Great America Group for $134.3 million. Starting today, Tower Records will begin liqudiating its inventory, so if there's a CD you've had in mind, now is the time to grab it. I was there earlier today and got 10% off the new TV on the Radio CD.
Since the advent of Napster, the music industry has experienced more changes than a boy going through puberty. The end of Tower Records is a significant milestone in the progression of the industry. Originally a record label in the 1960's, Tower became a giant in the music retail industry. The collapse of the large company is the result of an old business plan existing in a modern world. I predict that the end of Tower Records foreshadows the end of all other large businesses in this industry. Prove me wrong big guys, prove me wrong.
Comments
Y'know I think out of all the major music stores I think Tower was the best. Except Virgin's got lots of 7 inches....
hmmmm
Posted by: Anonymous | October 8, 2006 1:20 AM
Great America Group has $134.3 million that says you're wrong.
Posted by: Adam | October 8, 2006 6:00 AM
Adam - they're buying prime real estate too. 89 stores. With big real estate like the sunset tower, the east village manhattan tower and the uptown manhattan tower, they can make all that back without selling a single CD
Posted by: Mike | October 8, 2006 6:37 AM
With sadness and great disappointment. We will miss you each time we travel we visit your store.
GOING TO BE SORLEY MISSED
From South Africa
Posted by: Des | October 8, 2006 5:32 PM
R.I.P. Tower Records
Posted by: Harold Renny | November 19, 2006 7:34 AM
I counted over 300 CDs in my own collection--and over half of them I got came from Tower Records.
It was too bad that just like Buddy Holly (as the famous Don McLean song "American Pie" reveals), the day known as
Tower Records (not just the music--but the business)---"died."
Just like the end of such vintage items as the Betamax player, pneumatic cassette tapes, and the 8-track, the end of Tower Records will, as you guess it, change how other brick-and-mortar music retail companies--especially the most recent ones like Borders and Coconuts--sell commerical music to the masses of consumers.
Posted by: Charles Joseph Smith | December 23, 2006 11:28 AM