Peace Out Tower
Most of you have heard of Tower Records. For those who aren't familiar with it, Tower has been around since 1960, has over 90 stores nationwide and is considered by many to be a part of music history. That's great and all, unless you're not paying your bills. Tower is currently in debt for about $200 million dollars, some of which is to major labels. As a result, they filed for bankruptcy and on Friday were sold for $130 million. The purchasing company has already started liquidating their assets in preparation for closing all their stores and firing all 3000+ Tower employees. (Yes, they're closing the location on Sunset too. Feel free to buy that shit, it'll only run you about $12 million.)
In its bankruptcy filing, Tower said they've "been hurt by an industry-wide decline in music sales, the trend toward downloading online music rather than buying CDs and competition from discount stores such as Wal-Mart." That probbaly could have been summed up by saying, 'nobody wants to buy albums from us for $18.99'. Everyone bitches about the Wal-Marts of the world, but the bottom line is that you either compete or you pack your bags. It's VERY complicated but I'll try and break it down. You want the new 30 Seconds to Mars CD because Jared Leto is hot. You can either go to Target and buy it for $7.88, Best Buy for $13.99 or you could go to Tower and buy it for $18.99. It takes a fucking math major to figure out the better deal here, but safe to say Tower ain't getting any business. Now don't get me wrong, 3,000 people losing their job sucks and when music stores get shut down everyone is sad. However, usually it's the small indie store on the corner, not a huge retailer. End result is that I'm not too broken up about this.
As part of their liquidation, they're having a 'Going Out Of Business' sale, which started on Saturday. All music will be marked down 10 percent, all books 20 percent and all magazines 30 percent. Sounds like a good deal huh??? That's what I thought, so I stopped by to check it out. Usually a sale such as this is a great place to find a bargain, but in true Tower style there wasn't a deal to be seen. All the 'sale' prices on the front of the CDs have been ripped off and they're selling everything for the suggested retail price. As I mentioned before, 30 Seconds to Mars was $18.99, Cartel - Chroma was $16.99, New Found Glory - Coming Home was $14.99. Wow, 10% off of $16.99 gets you down to $15 and some change. With tax you're back up to $16. What a deal.
Bottom line, Tower got what it deserved. You can't charge twice market value for a product and then act surprised when everyone buys it from the guy offering it for half as much. Apparently I'm very advanced, because I learned that in high school. Good riddance Tower, RIP bitches.
That's it for now. I have more, but I'll hit you with it later. And rather than leave you with some boring picture of a Tower Records sign, here's a picture of the singer from the Italian band Lacuna Coil. If Chainsaw liked chicks, he'd be all about her.
Out.
- Black -
In its bankruptcy filing, Tower said they've "been hurt by an industry-wide decline in music sales, the trend toward downloading online music rather than buying CDs and competition from discount stores such as Wal-Mart." That probbaly could have been summed up by saying, 'nobody wants to buy albums from us for $18.99'. Everyone bitches about the Wal-Marts of the world, but the bottom line is that you either compete or you pack your bags. It's VERY complicated but I'll try and break it down. You want the new 30 Seconds to Mars CD because Jared Leto is hot. You can either go to Target and buy it for $7.88, Best Buy for $13.99 or you could go to Tower and buy it for $18.99. It takes a fucking math major to figure out the better deal here, but safe to say Tower ain't getting any business. Now don't get me wrong, 3,000 people losing their job sucks and when music stores get shut down everyone is sad. However, usually it's the small indie store on the corner, not a huge retailer. End result is that I'm not too broken up about this.
As part of their liquidation, they're having a 'Going Out Of Business' sale, which started on Saturday. All music will be marked down 10 percent, all books 20 percent and all magazines 30 percent. Sounds like a good deal huh??? That's what I thought, so I stopped by to check it out. Usually a sale such as this is a great place to find a bargain, but in true Tower style there wasn't a deal to be seen. All the 'sale' prices on the front of the CDs have been ripped off and they're selling everything for the suggested retail price. As I mentioned before, 30 Seconds to Mars was $18.99, Cartel - Chroma was $16.99, New Found Glory - Coming Home was $14.99. Wow, 10% off of $16.99 gets you down to $15 and some change. With tax you're back up to $16. What a deal.
Bottom line, Tower got what it deserved. You can't charge twice market value for a product and then act surprised when everyone buys it from the guy offering it for half as much. Apparently I'm very advanced, because I learned that in high school. Good riddance Tower, RIP bitches.
That's it for now. I have more, but I'll hit you with it later. And rather than leave you with some boring picture of a Tower Records sign, here's a picture of the singer from the Italian band Lacuna Coil. If Chainsaw liked chicks, he'd be all about her.
Out.
- Black -
posted by lyingintraffic at 1:15 PM
0 Comments:
Post a Comment
<< Home