[JPL] Tower Records Cut Off by Music Companies, L.A. Times Reports
garrett at sunnysiderecords.com
Fri Aug 4 15:21:21 EDT 2006
Fri Aug 4, 2006 7:00 am (PST)
Tower Records Cut Off by Music Companies, L.A. Times Reports
2006-08-04 09:23 (New York)
By Dan Hart
Aug. 4 (Bloomberg) -- Universal Music Group, Warner Music
Group Corp., EMI Group Plc and Sony BMG Music Entertainment have
suspended shipments of CDs to Tower Records after the company
said it wouldn't pay outstanding invoices, the Los Angeles Times
said, citing unidentified industry representatives.
The move comes after Tower hired crisis management
specialist Joseph D'Amico as chief executive amid declining sales
as consumers find new ways to acquire music, the Times said. The
company may be sold, the Times said, citing Tower executives.
If the suspension remains in effect, Tower Records may be
forced to close its 89 stores, the newspaper said.
The four record companies declined to comment to the Times,
as did an unidentified Tower spokesman.
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