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OT: Tower Records files Chapter 11

Here's the news story link from Reuters:

NEW YORK (Reuters) - MTS Inc., the parent of
high-profile entertainment retailer Tower Records,
plans to file soon for bankruptcy protection after
failing to find a suitable buyer, people familiar with
the situation told Reuters on Thursday. 

A Chapter 11 filing for protection from creditors by
MTS would cap a long period of financial distress for
privately held Tower, a chain of nearly 100 stores
located mainly in the United States that sell music
and video entertainment in various formats. 

The Chapter 11 fling will involve a major
debt-for-equity swap that would likely switch control
of the company from the founding Sacramento,
California-based Solomon family to creditors that
include bondholders and banks, sources said. 

-Brian in Atlanta
The Who This Month!

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