Nostalgic Retail Series #11 - TOWER RECORDS
Tower was founded in 1960 by Russell Solomon in Sacramento, California. The store was named after his father's drugstore, which shared a building and name with the Tower Theater.
In addition to CDs and cassette tapes, stores also sold DVDs, video games, accessories, toys and electronic gadgets like mp3 players, while a few Tower Records locations sold books as well. It was also one of the first retailers to move online in 1995 as Tower.com.
At its peak, TR had nearly 200 stores in 15 countries and more than $1 billion in annual sales.
Tower Records entered bankruptcy for the first time in 2004. On August 20, 2006, Tower Records filed Chapter 11 bankruptcy for the second time in order to facilitate a purchase of the company prior to the holiday shopping season.
On October 6, 2006, Great American Group won an auction of the company's assets and commenced liquidation proceedings the following day, which included going-out-of-business sales at all U.S. Tower Records locations, the last of which closed on December 22, 2006. The Tower Records website was sold separately. (Wiki: Ghosts of Retailers Past)
Today, TowerRecords.com still exists: "Today, in exciting partnerships with artists, labels and brands, Tower Records is transcending its historic past by creating online and physical experiences for all music fans to 'Know Music, Know Life'."
