Music Flow To Tower Records Turned Way Down
August 4, 2006 at 5:56 AM (PT)
According to the LOS ANGELES TIMES (8/4), three of the big four music giants -- UNIVERSAL MUSIC GROUP, WARNER MUSIC GROUP, and EMI GROUP -- have privately confirmed that they've cut off TOWER RECORDS from receiving new product to stock the shelves of its 89 brick and mortar retail outlets, after it had reportedly stop paying its bills. SONY BMG has now reportedly stopped shipping to the famed music retailer as well.
No official comment from the label or fromTOWER's newly named Chief Exec JOSEPH D'AMICO, but the company yesterday confirmed "that it was working with a LOS ANGELES investment bank to sell the company."