Sacramento-Based Tower Records Sold At Bankruptcy Auction To Liquidation Firm Great American Group

On October 6, Tower Records was sold to Great American Group for $134.3 million at a bankruptcy auction. Great American Group plans to sell all of Tower’s inventory, and going-out-of-business sales are already taking place at all 89 Tower stores.

Tower Record’s website Tower.com, Pulse! Magazine and its 33rd Street Records, however, are being bought by Norton LLC of San Francisco for $3.8 million.

Tower Records owes $200 million to creditors and in August had filed for bankruptcy for a second time.

Bankruptcydata.com lists the 15 largest bankruptcy filings since 1980:

Worldcom, Inc.:
2002 - $103,914,000,000

Enron Corp:
2001 - $63,392,000,000

Conseco, Inc.:
2002 - $61,392,000,000

Texaco, Inc.:
1987 - $35,892,000,000

Financial Corp. of America:
19'88 - $33,864,000,000

CA-CRefco Inc.:
2005 - $33,333,172,000

Global Crossing Ltd.:
2002 - $30,185,000,000

Pacific Gas and Electric Co.:
2001 - $29,770,000,000

UAL Corp.:
2002 - $25,197,000,000

Delta Air Lines, Inc.:
2005 - $21,801,000,000

Adelphia Communications:
2002 - $21,499,000,000

MCorp.:
1989 - $20,228,000,000

Mirant Corporation:
2003 - $19,415,000,000

Delphi Corporation:
2005 - $16,593,000,000

First Executive Corp.:
1991 - $15,193,000,000

The Law Offices of Scott Sagaria works with clients throughout the San Francisco Bay Area, including San Mateo, Alameda, Santa Clara, Contra Costa, in all areas of bankruptcy law and business formation matters. This includes bankruptcy proceedings, collections and repossessions, reorganizations and restructuring, collections and repossessions, creditors' rights and matters, the discharge of debt, and workouts. Your personal and financial interests are important to us. Contact the Law Offices of Scott Sagaria for a free consultation.

Tower Records' Inferno: Liquidation Order In Bankruptcy Court, Mercurynews.com, October 15, 2006

Farewell To Tower Records, Davisenterprise.com, October 11, 2006

The 15 Largest Bankruptcies: 1980 - Present, Bankruptcy Data.com

Related Web Resource:

Bankrupty Statistics, US Trustee Program, US Department of Justice