Trans World Confirmed Among 16 Tower Bidders29 Sep, 2006 By: Erik Gruenwedel
Less than a week before the auction of select assets of bankrupt music chain Tower Records & Video, the company announced it had received 16 qualified bids — including as expected one from Trans World Entertainment, which earlier this year acquired bankrupt Musicland.
The auction is slated for Oct. 5 at the offices of Richards, Layton, & Finger, P.A., in Wilmington, Del.
In addition to the previously announced bids from Woodland Hills, Calif.-based Great American Group (about $95 million) and Chicago-based private equity firm Radius Equity Partners, additional bidders include 1965 Retail LLC, BEC, Inc., CD Listening Bar, Inc., Champion Development Group, Gamesource, Inc., Larry Worchell and Ralph Horowitz, Norton LLC, Orchard Captial Corp., Prescott Interests, Ltd., SPI Holdings, Inc., TMC Realty, LLC, Tower Lifestyles Holdings LLC, Vornado Realty Trust and West Hollywood Properties LLC.
The bids were part of a Sept. 28 filing with the U.S. Bankruptcy Court for the District of Delaware by Tower co-parent Three's A's Holdings.
Earlier this week, Russ Solomon — who founded the venerable music retail chain 46 years ago in his father's drugstore in the old Tower Theatre in West Sacramento, Calif. — declined to submit a bid on his bankrupt company.
Tower, with 89-stores, filed for bankruptcy for the second time Aug. 20, listing debts and assets in excess of $100 million each.