Tower Records’ recent filing of Chapter 11 Bankruptcy came to an unfortunate closure on Friday. After an auction stretching over 2 days, Great American Group secured its plans to liqudate the music retailer with a bid of $134.3 million. This bid crushed Trans World Entertainment’s hopes of continuing operation of some Tower stores by $500,000.
“This is not an easy decision,” said bankruptcy Judge Brendan Shannon, who nevertheless noted that the Tower debtors and other parties had agreed the bidding process was conducted fairly and in good faith.http://abcnews.go.com/Business/wireStory?id=2538125
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