Business Services Industry
Tower Records Files for Chapter 11 Bankruptcy Protection.
Knight Ridder/Tribune Business News, February, 2004
By Dale Kasler, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
Feb. 10--Tower Records filed for bankruptcy protection Monday, turning to the courts to wipe out millions in debts that have strangled the pioneering music retailer.
Clobbered by discounters, digital piracy and other competitors, the Sacramento area's most famous homegrown company filed under Chapter 11 in U.S. Bankruptcy Court in Wilmington, Del., the city where it is legally headquartered.
West Sacramento-based Tower said the bankruptcy filing is a "prepackaged" case in which the vast majority of its creditors have already agreed in principle to a restructuring plan that would erase $80 million in bond debt, give bondholders the lion's share of Tower's...
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