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RIP Tower Records The music institution was sold and closed down	By Elena Gorgan, Entertainment News Editor 10th of October 2006, 09:08 GMT Adjust text size:

One of the American emblems of popular music, Tower Records, has finally sung its last song. After months of swimming in shallow waters, the institution that provided quality music for sixty years called it quits. On Friday, after a 29-hour bidding war, Tower Records was sold to the Great American Group for $143 million and the intention of the new owners was made public from the very beginning: they will tear it apart. The rest of the music stores and book stores (89 nationwide) will be closed after all the merchandise will be sold out, a thing that is estimated to take place in approximately six weeks. While the fall of the music institution cannot be called but spectacular, it is a sign of the times, according to specialists. Album sales have gone down drastically in the past year, with many more people buying songs now online. 'It's the end of an era. This store represented the last great record retail music specialty shop and, poof, another bank here or another ATM. We used to spend hours and days when we were kids in record stores. Listen to the record, take it home, play it... It's a different world', a customer present at the sale said. Besides the importance of the chain in the music domain, there is also the social implication of the closure of Tower Records. More than 3,000 employees will be laid off once the six-week term will end. The founder of Tower could not bring himself to speak to them all, preferring to send them a note reading 'The fat lady has sung. She was off-key. Thank you. Thank you. Thank you'.

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