Tower Records to Sell Off Inventory

The L.A. Times reports:

The new owner of Tower Records will begin liquidating the music retailer's 89 stores beginning today, just hours after a 29-hour-long bidding war.

"We're going to have discounts for consumers to enjoy as they've never been seen before in the history of Tower Records," said Andy Gumaer, president of Great American Group, a Los Angeles-based firm that won the auction and plans to liquidate the company.

Great American, which specializes in liquidation, paid $134.3 million for Tower — $500,000 more than the bid by runner up Trans World Entertainment, which had hoped to keep some stores open. The bidding started Thursday morning and lasted through the night. The offer was approved Friday by a judge in Wilmington, Del.

The triumph of the on line world.