Tower Records Sale Approved, Liquidation Begins

Law360, New York (October 9, 2006, 12:00 AM EDT) -- A federal bankruptcy judge approved the sale of Tower Records on Friday for $134.3 million, paving the way for liquidation of the music retail chain’s merchandise.

Great American Group, an asset management and retail liquidation firm, won the auction and began to handle the asset liquidation of MTS Inc. and subsidiary Tower Records on October 7.

"We are very pleased to have been selected the winning bidder and look forward to conducting an orderly and efficient liquidation," said Andrew Gumaer, president of Great American Group. "All...
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