Tower Records asks court to enforce $3.8 million web site purchase

By Caroline Salls

Pittsburgh, Oct. 11 - Tower Records asked the U.S. Bankruptcy Court for the District of Delaware to enforce the agreement of Norton, LLC to purchase the assets of the company's web site, according to a Tuesday court filing.

According to the motion, Norton made a $3.8 million offer for the assets of www.tower.com, which was selected as the high bid at auction and approved by the court.

However, Norton has notified Tower Records that it has had a change of heart and has raised doubt about whether it will close on the asset sale.

Tower said the web site is still operating at the company's expense, and the IT staff has not been discharged.

The sale was scheduled to close on Oct. 9.

Tower is a subsidiary of Sacramento, Calif.-based MTS Inc. The company filed for bankruptcy on Aug. 20. Its Chapter 11 case number is 06-10886.

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