Yesterday, Great American Group--a company that specializes in liquidations, auctions, and appraisals--won the auction for the assets of Tower Records. They have announced that going-out-of-business sales begin today. Hundreds of thousands of CDs and DVDs and equipment at all 89 Tower Record stores in 20 USA states will be for sale. Great American, which is heading up a consortium of several entities that were vying for various aspects of the Tower enterprise, is paying $134.4 million. Trans World Entertainment, which operates such music retail stores as F.Y.E., Coconuts, and Wherehouse, lost the auction by $500,000. Some speculate that Trans World would have been better for some of the 2700+ Tower employees since they had planned to keep some of the stores open.
