Tower Records Decides On Lead Bidder

Law360, New York (September 14, 2006, 12:00 AM EDT) -- After at least 12 prospective buyers rallied to bid for Tower Records, the music retail chain has selected liquidation firm Great American Group as the stalking-horse bidder in its upcoming bankruptcy auction.

The MTS Inc. unit, which filed for Chapter 11 last month for the second time in three years, said late Wednesday that it had picked Great American as the lead bidder for its Oct. 5 auction, which will sell off the inventory at all the company’s stores.

Tower is scouting for a buyer to...
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