Report: Founder Among Possible Tower Bidders
August 24, 2006 at 6:31 AM (PT)
Could RUSS SOLOMON come to the rescue of TOWER RECORDS? The SACRAMENTO BEE reports that SOLOMON, 80, founder of the chain, is one of nine potential bidders listed by the company in a Bankruptcy COurt filing; he and his family retained 15% of the company's stock after surrendering 85% of the company to bondholders when the company went bankrupt in 2004.
Also listed as potential bidders are TRANS WORLD ENTERTAINMENT, private equity firms HM CAPITAL, HIGHLAND CAPITAL MANAGEMENT, BAYSIDE CAPITAL, BALMORAL ADVISORS, and PLATINUM EQUITY, and CHICAGO real estate developer CENTRUM PROPERTIES INC.
TOWER, which SOLOMON launched as a stand-alone operation in 1960 in SACRAMENTO, is for sale, with an auction set for OCTOBER 5.