Word just came down from the Federal bankruptcy court. Tower Records' assets have been awarded to the Great American Group, which intends to liquidate Tower's inventory and close all of their stores. Sad part is that their $134 million bid was only $500,000 higher than the bid submitted by Trans World Entertainment, which intended to keep most of Tower's stores open.

As it stands, an iconic player in the music industry is about to go dark, In the process, a lot of high profile sites that had served as musical gathering spots for decades that will simply be sold off for the land and 3,000 jobs will go down in the process. Very sad day as music fans now have even fewer choices available at the retail level.

http://www.sfgate.com/cgi-bin/articl...f155710D57.DTL