Evening News: Tower Records Doomed? Snakes Rattled by Mother@$#%ing Critics?
Grim news about a Southern California staple: Chris Morris, a 103.1 dj, says in the Hollywood Reporter that the nation's largest free-standing record store chain, Tower Records, is in huge financial debt and may not last another year:
The amount of money that Tower owes evidently is staggering. One confidential source familiar with Tower's balance sheet put the company's debt to Warner Music Group's distributor WEA Corp. at $20 million. The same source said that one sizable independent distributor was owed $2 million. With a little extrapolation, it is not difficult to surmise that Tower's current indebtedness may be as high as $100 million.
Most NARM attendees -- a group not known to harbor illusions -- believed that another Tower bankruptcy filing is imminent. Those with the bleakest view maintained that this time around, absent a buyer for the severely leveraged chain, a Chapter 7 liquidation could be in the offing.
"Oh shucks! Are you complaining? It sounds as if somebody is angry because they might have to pay!" (Roars laughing.) "You can have a conversation without seeing the film. It's Snakes on a Plane! What do you think is gonna fucking happen?"
After 20 years of sobriety, Robin Williams found himself drinking again and has decided to take proactive measures to deal with this for his own well-being and the well-being of his family. He asks that you respect his and his family's privacy during this time. He looks forward to returning to work this fall to support his upcoming film releases.