Retail Industry
Industry: Email Alert RSS FeedTower no longer reporting to SEC.(Securities Exchange Commission, MTS Inc. Tower Records)
Video Business, November, 2003 by Frankel, Daniel
Tower Records/Video has ceased making financial disclosures to the Securities Exchange Commission in what is believed to be a precursor to a sale or bankruptcy filing. The family-owned West Sacramento, Calif.-based music specialty chain, which tallied about 120 free-standing stores at the beginning of 2003, had been reporting to the SEC since 1998, when it publicly sold $110 million in bonds.
The Solomon family, headed by chain founder Russ Solomon, owns all of Tower's stock. In a filing to the SEC, Tower officials said the chain now has 40 bond holders, well below the level of 300 that necessitates further financial disclosure. Industry analysts say selling Tower is the only way for the Solomons to avoid a Chapter 11 bankruptcy filing at this...
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