According to the Associated Press, national record store chain Tower Records has filed for Chapter 11 bankruptcy. While threatening such an action for years now (debt restructuring began back in 2003), this time it's for real. After a 2001 peak of one billion in revenue and more than 200 U.S. stores, Tower has since been downsizing and is around 80 million dollars in debt. While placing blame on the usual subjects (downloading, big box retailers, etc.), the company nonetheless claims it merely needs some financial help, will reorganize and is looking to sell the chain. Los Angeles investment banker Lloyd Greif, who has been hired to sell Tower, has said that selling the company has proved more difficult than he expected. www.towerrecords.com
