Tower Records to Leave Peabody Place

by

comment
After filing for Chapter 11 reorganization in August but unable to fix its financial woes, Tower Records is no more, according to a report in the Marin Independent Journal. The company was sold at a two-day auction for $150 million, and store closings and layoffs are beginning now. The company, with 89 stores across the nation, was in the red to creditors to the tune of $200,000 million, was bought by Trans World, the entertainment company that also recently acquired the Sam Goody music store chain. About 24 Tower locations are expected to close, including the Memphis location in Peabody Place.

Keep the Flyer Free!

Always independent, always free (never a paywall),
the Memphis Flyer is your source for the best in local news and information.

Now we want to expand and enhance our work.
That's why we're asking you to join us as a Frequent Flyer member.

You'll get membership perks (find out more about those here) and help us continue to deliver the independent journalism you've come to expect.


Add a comment