News like this is always kind of sad, but that's the way the cookie crumbles.
The news that Tower Records is going the way of, well, records struck a dissonant note with customers as the news sunk in this week that the 46-year-old music retailer has been sold to a liquidator that will close all the stores.
Some people may be sad about this, but would you give up your downloadable music for nostalgia? Frankly, most wouldn't.
I know it's hard, but advancement always leaves someone in the lurch. Do you want me to bring up 8 tracks?
On Oct. 6, a federal bankruptcy judge in Wilmington, Del., approved the sale of Tower to Los Angeles-based liquidator Great American Group for $134.3 million.
The economics of music have changed.
The company owes creditors about $200 million and filed for Chapter 11 reorganization in August. In its filing, 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.
...and Best Buy and Amazon.
While no firm date has been set for the stores to close, “Going Out of Business” signs went up this week at Tower’s 89 stores in 20 states and the chain’s 3,000 employees have been told they will be laid off.
And that's the human side of the equation. Anyone who's been "downsized" can relate. But you have to get back up and keep trying. Remaining defeated is certainly not the answer. Our best wishes for these people. My thoughts: Go out and become a phenomenal entrepreneur.
.jpg)
"The beat goes on"....Something about staying in touch with the marketplace, is where they took a left instead of a right.
Posted by: ~rick | October 29, 2006 5:36 AM | Permalink to Comment