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Tower Go Bankrupt


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Can't say as I'm surprised. Nobody can compete with Best Buy on pricing for CD's... Tower's toy section on the website hasn't been updated in forever, either, so it's not that big of a loss if they go under...

I know they were a supporter of the line since way back, but they haven't shown us much love lately...

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This will probably mean no more exclusives, but there will still be other entities picking them up and of course we can always hope the Cons get new exclusives in years to come.

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Here's a e-mail I received today from Tower :mellow:

A message from the CEO of Tower Records:

I’d like to personally update you on what’s happening at Tower and why this is such good news for you.

As the CEO of Tower, I announced Sunday night that Tower is filing Chapter 11 reorganization. That might not sound like good news, but for the over 3,000 employees of Tower and Tower.com, as well as for our millions of loyal customers, it’s actually very good news. Here’s why:

We have the financing in place to continue operations as usual and have the product you have come to expect in our stores. And if we don’t, we can get it for you. It also means that we are now positioned to sell our company within the next 60 days or so, in time to have even more product for the holiday season. Most importantly, as usual, Tower gift cards are still good in any of our stores or on Tower.com.

And now the best news of all: take advantage of our "Buy 4 Get 5," in store promotion and, when you bring this email in to any store between now and September 4, we’ll give you an additional $5.00 "CEO Discount" as a token of our appreciation for your loyalty. More savings for you!

Russ Solomon, the founder of Tower Records, recognized the need to cater to you, the music and movie junkie, by opening the world’s first music superstore in 1960. Today Tower is still the industry leader, thanks to you, our customer.

So come by and see what’s new in our stores and we’ll continue to keep you posted on our progress.

Joe D’Amico, CEO

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Buy 4 get 5 what. Anything...... anyways i never really like tower all that much. Stuff there was always a bit expensive. Too bad for the minis though.

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It also means that we are now positioned to sell our company within the next 60 days or so, in time to have even more product for the holiday season.

I'm confused. If the company does get sold, does the money from the sale go to purchase new merchandise? I don't see how that works, but then again I'm not a contract law/MBA/financier type. :D (I even had to consult Google to find out how to spell 'financier.') ;)

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  • 1 month later...

So far at my Tower, only 10% off on toys. We've got tons of Skrulls, a few Professor X's & AFX Iron Mans (yes, "mans" not "men"), and almost all of series 10 & 11. The discounts will go up over the next 8-10 weeks.

But, since I'm out of a job, I'll need any interested parties to pay me before I get their 'mates...

@$!#*&^%-ing Tower CEOs...

@$!#*&^%-ing Great American Liquidators...

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  • 2 weeks later...

I went to the one in waaaaaaay north phoenix three days ago, and managed to snag the very last super skrull. he was 20% off, so I was happy. horror movies were also 30% off, so I had to get "santa's slay" for $10. it's such a funny movie.

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