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Tower Records is getting liquidated

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  • Tower Records is getting liquidated

    The winning bid in an auction for Tower Records was announced late Friday, and Great American Group, a company specializing in liquidating assets, edged out 15 other bidders. The company begins selling off the inventory of all 89 stores nationwide today (Saturday, Oct. 7).

    The store here in Austin closed down back in 2004, and I'm not inclined to drive up to Dallas to hunt for bargains.

    I imagine the stores in Honolulu are going to be clearing out their inventories over the next few weeks.

  • #2
    Re: Tower Records is getting liquidated

    Hopefully there will be some good bargains to be had today.
    I'm still here. Are you?

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    • #3
      Re: Tower Records is getting liquidated

      Liquidation begins today? That's impressive. Did they have an army of staffers ready to deploy nationwide, or do they have some method of making use of the employees and inventory systems already in place? Seems they have experience with liquidating other chains, though, so I guess they know what they're doing.

      My wife's curious, even though we haven't bought a physical CD for ourselves for years. Wonder if it'll be a madhouse, or more of a slow, sad funeral?

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      • #4
        Re: Tower Records is getting liquidated

        Oooh! Vulture-shopping! My favorite!

        Still, it would take longer than one over-night period to prepare for such an event, right?
        **************************************
        I know a lot less than what there is to be known.

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        • #5
          Re: Tower Records is getting liquidated

          Originally posted by Erika Engle View Post
          Still, it would take longer than one over-night period to prepare for such an event, right?
          Yes, because they have to get printed all those "All Sales Final - No Returns" signs.

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          • #6
            Re: Tower Records is getting liquidated

            I said it on August 14.
            That's a shame, but it's the direction of the industry.

            Pz - didn't your wife work for Tower at some point? Did she know Mathew Koenig? He hooked me up with good suggestions for literally hundreds of Hawaiian CDs when I first took over programming our satellite music feed (the one in the airports, malls and such in Hawai`i.)

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            • #7
              Re: Tower Records is getting liquidated

              Well don't rush off to Tower hoping for a huge 50% off or better sale today. I went to Tower Keeaumoku this morning and all someone told me was that everything was 10% off. All of the regular sales promotion signs were gone, so I guess they mean 10% off the high regular prices. I think I'll be buying my new Killers CD from BestBuy later this afternoon.

              However this liquidation has the makings of a "slow burn to oblivion" which probably means people should check the ads, the news and the store for the next few weeks until they finally have like a huge blow-out sale.

              So let the vultures rest for now. I already checked.
              I'm still here. Are you?

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              • #8
                Re: Tower Records is getting liquidated

                Originally posted by mel View Post
                So let the vultures rest for now. I already checked.
                Thanks for the info! I just spent all morning (started early) with my wife and mom. Just got home checked in to "See what's up?" and although I gotta take a nap(will now), I would've been out the door already. So, okay I'll go rest for now and start making my wish list tonight at work. HaHa!
                Life is either an adventure... or you're not doing it right!!!

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                • #9
                  Re: Tower Records is getting liquidated

                  Thanks Mel,

                  I was ready to trek on down too... until I got to your post. Will online shopping also reflect liquidation prices? I've got an account but only made a couple of purchases. I'd like to have a couple of posters from their window... will those get auctioned off?
                  Hey surfingfarmboy, I'll swap you a Tower's bag for one of your Daiei classics.

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                  • #10
                    Re: Tower Records is getting liquidated

                    Originally posted by Erika Engle View Post
                    Oooh! Vulture-shopping! My favorite!
                    I still remember the day I walked out with many CDs after Cheapo's Music went out of business in early 2005. Hoping for the same with this liquidation.
                    I'm still here. Are you?

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                    • #11
                      Re: Tower Records is getting liquidated

                      We were out and about and stopped by the Pearl Kai Tower Records on a whim. We found the same "deal" Mel noted, a flimsy 10 percent off (30 percent off magazines). We just stuck around long enough to hear the end of the "Weird Al" song playing in the store, then left.

                      Man, I'm so used to buying 99 cent tracks and $9.99 albums on iTunes, I was actually a bit surprised to see an $18.99 price tag on a not-very-new CD release. And the music industry wonders why music sales are down overall? They should be kissing Apple's sleek, elegant toes.

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                      • #12
                        Re: Tower Records is getting liquidated

                        I remember striking up a conversation, in 1981 or 1982 or so, with a guy sitting next to me in the audience of a play at Mānoa Valley Theater. He told me that he was going to be the manager at some new-to-Hawaiʻi chain record store I'd never heard of before. Tower? Who's that?

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                        • #13
                          Re: Tower Records is getting liquidated

                          Magazines: 30% off
                          Books: 20% off
                          CDs, DVDs, everything else: 10% off

                          That's where it starts; I would expect to see bigger discounts later on, in order to keep getting rid of remaining inventory.

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                          • #14
                            Re: Tower Records is getting liquidated

                            Originally posted by Leo Lakio View Post
                            Pz - didn't your wife work for Tower at some point? Did she know Mathew Koenig?
                            Oop. Missed this. Yep, she knew Matthew, as she worked the late shift at both the Ala Moana and Kahala locations... the latter while hapai, right up until two days before our first child was born. The AC was out that week, too, IIRC. Working in a music store isn't the worst retail experience a soul could have, but she didn't exactly miss it.
                            I said it on August 14. That's a shame, but it's the direction of the industry.
                            Well, Tower Records' days were numbered everywhere. And like I mentioned, if you're going to price year-old CDs at $18.99, you deserve empty cash registers. Sheesh.

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                            • #15
                              Re: Tower Records is getting liquidated

                              While digital downloads purchased from iTunes or anywhere else are affordable, gives consumers a wider choice of what they want, in the end some of the disadvantages of digital only are the following:

                              1. DRM.
                              2. Requirement to back up all your songs to other media
                              3. Possible obsolesence of digital file format
                              4. No physical media, slick CD booklet and professinal packaging
                              5. DRM

                              Currently most CDs do not have DRM, so you can copy them to your iPod and any other digital device or media you own.

                              Also some newer CDs can now be bought for $9.99 instead of $18.99 at some of our big box retailers. This is another reason why Tower is going out of business. They could not compete with big boxes and their lower prices. A typical sale price for a newly issued CD at Tower is $13.99 or $14.99.... and yes, regular retail is $18.99.... so I echo that ouch to the wallet.

                              Anyway this will be a good thread for people to follow and compare the closeout prices that occur in different cities such as Honolulu and Seattle. Any other Tower's in your offshore neighborhood? Are they having big sales before anyone else?
                              I'm still here. Are you?

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