After a lengthy auction stretching over two days, a federal bankruptcy judge last week approved the $134.3 million sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer. Great American beat out Trans World Entertainment, which had hoped to continue operating at least some Tower stores, by one bid increment of $500,000. An attorney representing Tower's secured trade creditors had urged the bankruptcy judge to go with Trans World's bid as the "best bid."
October 10, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
After a lengthy auction stretching over two days, a federal bankruptcy judge on Friday approved the sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer.
After almost 30 hours of what attorneys described as “robust” and “vigorous” bidding, Great American won with a bid of $134.3 million, beating Trans World Entertainment, which had hoped to continue operating at least some Tower stores, by a single bid increment of $500,000.
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