Russell Solomon

== Tower Records ==

== Tower Records ==

Eight years later, Solomon signed a lease for a {{convert|5000|sqft|m2|adj=on}} storefront in [[San Francisco]]. The store was immediately profitable, so Russell Solomon expanded, to [[Los Angeles]] in 1970, and added 26 more locations in the next ten years, including a store in [[Sapporo]], Japan, in April 1980. Over the next decade, Tower Records spread across the globe selling books and videos in addition to music. In May 1998, MTS Inc. sold $110 million worth of notes to finance more international growth. They also received a $275 million line of credit from a group of large banks. One year later the company reported its first loss, after making $76 million in the previous nine months, the loan interest payments had caused the company to lose money. Although Tower Records continued to expand, never recovered and, in 2006, the company was forced to liquidate and close.{{cite news | url=https://www.cbsnews.com/news/tower-records-files-for-bankruptcy/ | work=CBS News | title=Tower Records Files For Bankruptcy | date=February 9, 2004}}{{cite news | author = Jens F. Laurson & George A. Pieler | title = The Tower that Fell | work = [[Forbes]]| date = 2006-11-15| url = https://www.forbes.com/opinions/2006/11/15/tower-music-bankruptcy-oped-cx_jfl_1115tower.html | archive-url = https://web.archive.org/web/20081211100623/http://www.forbes.com/opinions/2006/11/15/tower-music-bankruptcy-oped-cx_jfl_1115tower.html | url-status = dead | archive-date = December 11, 2008 | accessdate = 2008-12-09}}

Eight years later, Solomon signed a lease for a {{convert|5000|sqft|m2|adj=on}} store in [[San Francisco]]. The store was immediately profitable, so Russell Solomon expanded, to [[Los Angeles]] in 1970, and added 26 more locations in the next ten years, including a store in [[Sapporo]], Japan, in April 1980. Over the next decade, Tower Records spread across the globe selling books and videos in addition to music. In May 1998, MTS Inc. sold $110 million worth of notes to finance more international growth. They also received a $275 million line of credit from a group of large banks. One year later the company reported its first loss, after making $76 million in the previous nine months, the loan interest payments had caused the company to lose money. Although Tower Records continued to expand, never recovered and, in 2006, the company was forced to liquidate and close.{{cite news | url=https://www.cbsnews.com/news/tower-records-files-for-bankruptcy/ | work=CBS News | title=Tower Records Files For Bankruptcy | date=February 9, 2004}}{{cite news | author = Jens F. Laurson & George A. Pieler | title = The Tower that Fell | work = [[Forbes]]| date = 2006-11-15| url = https://www.forbes.com/opinions/2006/11/15/tower-music-bankruptcy-oped-cx_jfl_1115tower.html | archive-url = https://web.archive.org/web/20081211100623/http://www.forbes.com/opinions/2006/11/15/tower-music-bankruptcy-oped-cx_jfl_1115tower.html | url-status = dead | archive-date = December 11, 2008 | accessdate = 2008-12-09}}

== After bankruptcy ==

== After bankruptcy ==