Tower Records, once the dominant music retailer in the country, has officially fallen. Following a 29-hour auction Friday (Oct. 6), most of the retailer’s assets were sold to liquidation firm Great American Group, which beat Albany-based retailer Trans World Entertainment for ownership, with a bid of $134.3 million. Going-out-of-business sales began Saturday (Oct. 7) for the retailer, which filed for Chapter 11 bankruptcy in August.
“My heart goes out to each of you who have poured your hearts and souls into this great company,” Tower CEO Joseph D’Amico said in a message to employees, according to Reuters. With the demise of Tower, Virgin Megastores will now become the most prominent deep-catalog retailer.
SPIN.com wanted to find out how music fans felt about the news, so we paid a visit to one of the chain’s most famous locations — Broadway and 4th Street in NYC — to find out. DANIEL MIMS
We asked: How do you feel about the closing of Tower Records? COMMENT
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