Tower Files for Bankruptcy

Tower Records has filed a Chapter 11 for the 2nd time in 2 year, Publishers Weekly reports:

The beleaguered music and video chain, which launched an online bookstore as recently as last March, went into bankruptcy in 2004 for just over a month. This time around, Tower is hoping for a buyer; it’s been on the block since February.

According to the filing, Tower’s assets and debts exceed $100 million. Both Ingram and Baker & Taylor were among the company’s top 40 unsecured creditors, although no publishers appear on the list. Ingram Entertainment is owed $760,000, while its Book Company is down $160,900. Baker & Taylor Book, which had been supplying fulfillment for, is owed $437,400; Baker & Taylor Video is owed $198,000.


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