Online Music Sales’ Latest Victim: Tower Records

“Tower Records has filed for Chapter 11 bankruptcy protection, its second such filing in less than three years. … The company admits ‘intense’ competition has hurt its business. ‘The brick-and-mortar specialty music retail industry has suffered substantial deterioration recently,’ Tower said in court papers. Industry observers say the chain could have a tough time finding a buyer willing to keep its stores operating in an industry increasingly dominated by online music purveyors and big-box retailers.”