All That Remains Of Tower Records: A Brand Worth $4.2 Million
from the obit-time dept
After years of struggles and being unable to recognize the changing market, last October, Tower Records finally gave up the ghost and decided to liquidate. All the stores have been shut down, but in a small sign of potential life, apparently a company in the British Virgin Islands has decided that the Tower Records trademark is worth $4.2 million. There are apparently no limitations on what the new owners can do with the brand within the US (and some foreign countries -- others, like Japan, have already licensed the Tower Records brand for totally separate stores). It will definitely be interesting to see what the new owner of the brand does with it. While setting up new brick and mortar stores seems like a dangerous move, creating a real (read:no DRM) digital music store competitor, and tapping into the immediate brand recognition (and nostalgia surrounding the brand) could make for an interesting entrant into the space. Alternatively, if they were really sneaky, they might try to set up shop in Antigua and offer a service like Allofmp3.com.