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Tower Could File Chapter 11

5 Feb, 2004 By: Erik Gruenwedel

Struggling music retailer Tower Records could file for Chapter 11 bankruptcy protection as early as next week, according to reports and sources familiar with the West Sacramento, Calif.-based company.

The anticipated filing follows nearly two years of financial turmoil in which the family-owned business has attempted unsuccessfully to find a buyer in addition to executing a debt-to-equity swap with bondholders.

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