SACREMENTO (CelebrityAccess MediaWire) — Universal Music Group, EMI and Warner Music Group have cut Tower Records off the LA Times reported. The move comes, the labels claim, after Tower stopped paying it's bills. Tower records, the storied retail music chain has been struggling with declining sales in the face of the growing digital market transition. Started in 1960 by Russ Solomon in Sacremento, the store, which he named after his father's drug store (Which shared a building with Tower Theater and was where he first started selling records) expanded to an international chain of retail outlets selling books and music.
Tower had been working to shift it's business model, starting a web-based shop and in June, a digital media download store.
Joseph D'Amico a specialist in bankruptcy and financial crisis management had just been brought on guide the company through the dire financial straits it had found itself in, but the suspension of shipments could be the last nail in the proverbial coffin. Stay tuned to CelebrityAccess for more information on this developing story. – CelebrityAccess Staff Writers