Pitchfork

This article is in loving memory of Tower Records, the beloved child of Russ Solomon and a boatload of shareholders, which died at age 46 last weekend from severe bankruptcy complications.

Reuters reports that following a 29-hour auction on Friday, most of the bankrupt chain's assets were sold to liquidation firm Great American Group for $134.3 million (outbidding Trans World Entertainment by $500,000). Tower's website, 33rd Street label, and real estate holdings were sold separately.

Great American was on track to begin the liquidation process and kick off going-out-of-business sales last Saturday.

Tower, which operated 89 U.S. stores, will leave Virgin Megastores (with 20 shops) the most prominent "deep-catalog retailer" in the country, according to Reuters.

Tower's demise doesn't come as a shock-- the company filed for Chapter 11 bankruptcy protection in both February 2004 and August of this year (word is they owed close to $200 million)-- but the retailer's closing might mean bad news for its vendors. According to Reuters, the sell-off of its inventory, especially that contained in its merchandise-packed Sacramento warehouse, could harm businesses affiliated with Tower's indie distro company, Bayside Distribution, when their product is returned for wholesale cost.

Tower Records was founded in 1960 out of Solomon's father's Sacramento pharmacy. Solomon, a 15% shareholder, did not enter a bid for the company.

According to Reuters, on Friday, an e-mail Solomon sent to his staff read, "The fat lady has sung ... she was was off key. Thank You, Thank You, Thank You." That day, employees held a barbecue at the company's West Sacramento headquarters. ABC.go.com reports that some 3,000 workers are expected to lose their jobs as a result of its closing.