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This afternoon the Great American Group was victorious in bidding for ownership of the Tower Records chain--which had filed chapter 11 reorganization protection in August--with a bid of $134.3 million. (You can read a bit more about the transaction here.) What does that mean to you and me? That the dismal Chicago music retail scene just got a whole lot worse. The chain will be liquidated, starting as early as tomorrow, to pay off $200 million in debts to creditors. While Tower was not without its faults, the three local stores in the chain were the only deep catalog shops in the area, particularly for classical music. Expect this development to mortally wound some record distribution companies.
To Amoeba Records--now's the time to open a shop in Chicago.