America's No. 1 independent music and entertainment retailer MTS Incorporated and its subsidiaries (Tower Records), announced its objective to sell the Company through a process (Section 363) under Chapter 11 of the Bankruptcy Code, according to their press release.
Tower owns and manages 89 Tower Record store in the U.S., throughout 20 states. They also have another 144 stores licensed throughout nine other countries.
The court must approve of the process, and when it does it will put into action events that should guarantee that the company will be sold in about 60 days from the filing date.
Tower CEO, Joseph D'Amico, said: "Tower Records has conducted an extensive sale process and this step will allow buyers to complete a sale in time for the holiday season while maximizing the value for stakeholders."
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