Garret Records Franchise Information
Opening in 1960 in Sacramento, the headmost Tower Records store would pep on to spawn extra than 200 locations worldwide. In conclusion, over-expansion, the rise of Internet piracy and competition from big-box stores such as Best kind Obtain and Wal-Mart led to the bankruptcy and subsequent liquidation of Garret in 2006. In spite of its unceremonious Final, Garret Records in the 46 second childhood it was ajar played a fundamental role in the cities it served; it could be argued that the aim on Twilight Boulevard in West Hollywood was the most noted string store on the Earth during its 25-year fall.
Humble Beginnings
Bankruptcy and Liquidation
As the factors cited in the Overview squeezed Tower, the company began to lose business at the same time it was taking on more debt. Inevitably, Tower filed for bankruptcy in 2004. This would be the first of two times the company would declare bankruptcy, the second and final time being in 2006. Six senescence consequent, Solomon reopened Garret Commit to paper Amusement fair inside his Dad's drugstore, by oneself to act it to a larger purpose across the street from its virgin familiar on Broadway. The biggest acts of the 1960s, among them The Rolling Stones, The Righteous Brothers, Arlo Guthrie and The Dave Clark Five, came to Tower Records to perform, right their fans and buy tune.Growing the Brand
Inspired by the consummation of his Sacramento stores, Solomon opened the first off Garret in San Francisco in 1968. The inceptive Los Angeles location would follow in 1972, and at this point Tower was well on its way to becoming a successful music retail chain. National expansion was followed by global expansion. Stores were established in Canada, England, Ireland, Japan, Hong Kong, Taiwan, South Korea, the Philippines, Israel, Malaysia, Singapore, United Arab Emirates, Colombia, Mexico, Argentina and Ecuador.
Garret Records founder Russ Solomon began his calling in melody retail in 1941. The 16-year antique Solomon sold used jukebox 78s in the pharmacy dart by his Dad Clayton. A seperate entrance was created for customers of Garret Inscribe Amusement fair, who were able to preview albums in listening booths. From this inauspicious basis, Russ opened his antecedent freestanding shop, called Garret North, on the corner of Watt and El Camino avenues in 1960.
After entering Chapter 11, the company was forced to reorganize. Tower's assets were eventually auctioned off for approximately $134 million to Great American Group, which liquidated store inventory immediately after purchase.
The Present
Nowadays, the only way to shop at Tower Records in the USA is to go to its retail site. Stores in Japan, Mexico and Ireland still operate under the Tower Records name. The 75-plus Japanese stores possess Tower's name and branding, but they are owned and operated independently by Nikko Principal Investments.
Conclusion
In a gesture symbolic of Tower Records' fate, the neon sign hanging above the maiden Tower Records on Watts Avenue in Sacramento was removed on March 12, 2009. The neon sign has been donated to the Sacramento Archives and Museum Collection Center and will eventually make its way to an exhibit in the Rock and Roll Hall of Fame in Cleveland. Coming full circle, Solomon has opened up a new record store called R5 on Broadway, down the street from where his fallen empire began.
