Federal bankruptcy judge on Friday approved sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer.
After almost 30 hours of what attorneys described as “robust” and “vigorous” bidding, Great American won with a bid of $134.3 million, beating Trans World Entertainment, which had hoped to continue operating at least some Tower stores, by only $500,000.
Tower said it has been hurt by an industrywide decline in music sales, downloading of online music and competition from big-box stores such as Wal-Mart.
Peter Gurfein, an attorney representing Tower Records, said the company will be sold for an aggregate of $150 million, including the sale of various leases and properties.
Gurfein said Great American plans to begin the liquidation process and going out of business sales on Saturday.
Drowning Pool former Wind-Up RecordsÂ metal act has over 2,000,000 sales worldwide.Â They are currently the #2 unsigned band on Myspace.Â They just returned from Iraq and Kuwait performing for the troops with the USO.Â Touring base is solid and their catalog still sells over 1000 units a week. There are new demos available. For more information contactÂ Manager Paul BassmanÂ or lawyer Nick Ferrara.
Black Tie Dynasty from Ft. Worth, TX. Sounds like the Cure meets Joy Division. They are the #2 most played band on KDGE/Dallas with over 40 spins a week.Â The callout research has been #1 or #2 for the past 5-6 weeks.Â You can hear their single â€œTenderâ€? here:Â Â They were voted 2005 â€œBest Rock Bandâ€? by the Fort Worth Weekly. For more information contact Erv Karwelis c/o Idol Records.
GoogleÂ is in talks to acquire popular video-sharing site YouTube Inc. for roughly $1.6 billion, according to a person familiar with the matter. The discussions are still at a sensitive stage and could well break off, this person says.
Rumors of such talks were reported earlier on the TechCrunch blog.
Sales for 2006 are down 5% compared to 2005 at 393.6 million units.