Timber! A Tower Falls, Labels to Follow

August 21, 2006

Its been coming for a few weeks now… In early August the LA Times reported (here or reg free here) that at least 3 labels had cut off Tower’s supply of overpriced plastic discs as a result of its failure to keep the checks flowing. Now, recently hired Tower CEO, Joseph D’Amico is making good on his promise to sell the company by declaring it bust and begging anyone with a checkbook and masochistic tendencies to take it off his hands. But dont worry the stores arent going to close since NARM thinks their swell and their bankers were willing to spot them $85 million. The full press release is here, my take on snippets of it are below. Check out the PDF’s of the various and sundry chapter 11 related fillings here. Read the rest of this entry »