Tower Records files for bankruptcy again

Reuters reports:

Tower Records filed for Chapter 11 bankruptcy protection for the second time in two years Monday, weeks after word surfaced that the iconic music retailer had been cut off by major suppliers for failing to pay its bills.

MTS Inc., the corporate parent of the 89-store chain based in West Sacramento, Calif., said in court papers that it aimed to keep Tower up and running as a "going concern" while a new owner is sought.

Many in the industry had feared that, given the severity of Tower's situation, a Chapter 7 liquidation could be in the offing. The possibility still exists that the company's assets could be sold off piecemeal if a buyer can't be located.

The bricks and mortar store could be on the way out.This might be one of the best indicators around.