Tower Records Posts 13th Quarterly Loss
From Associated Press
Tower Records reported a $13.8-million loss during the quarter ended April 30, the 13th consecutive quarterly loss.
In the latest quarter, the West Sacramento-based retailer’s revenue fell to $122 million from $137.5 million a year earlier, the result of store closures and lower sales.
This month, the privately held company defaulted on $110 million in bond debt.
