Tower Records filed for Chapter 11 protection today. It is the company’s second bankruptcy in the last three years. At present, a spokesman says there are no plans to liquidate. Rather, the company hopes to business attractive to buyers and hopes that the name and brand continue.

Industry observers, however, say that the company may have a hard time finding a buyer willing to keep the stores open because of competition from big box retailers and online music sources.

We wrote last week (August 15) about the troubles that Tower was having.

To read the article from the Daily News, please visit:
http://www.dailynews.com/business/ci_4216410?source=email

Ray
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