(CelebrityAccess MediaWire) — Tower Records, the nation’s most recognizable retail music brand, is once again up for sale. The investment-banking firm of Houlihan, Lokey, Howard & Zukin have been hired to sell off the 90-unit West Sacramento, California-based chain store.
The firm has been working for Tower in an advisory role since last fall, initially to boost the chain’s worth. In the past two months, according to Billboard, the relationship forged into a sales position, and the banking firm is now preparing a “book” to shop the chain.
At its highest point, Tower Records generated nearly $1 billion in annual sales. After selling off its Japanese affieliate and exiting its other international opertions, the chain currently generates about $450 to $500 in sales, according to Billboard.
The new owners have now shopped the chain twice. Los Angeles-based Grief & Co. put Tower on the block in the summer of 2004. –by CelebrityAccess Staff Writers