Barry Willis

The holiday retailing picture looks promising, according to several recent reports. Both the Consumer Electronics Manufacturers Association and the Recording Industry Association of America were predicting up seasons after mid-year numbers came in higher than expected. Overall, retail sales were up 0.6% in November, reported the Wall Street Journal on Monday, December 14.

UPDATE: On Monday, February 9, Tower Records, Inc. filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court in Wilmington, Delaware. Industry observers had predicted the move in the weeks leading up to the filing. MTS, Inc., as the company is officially known, listed "more than $100 million of assets and more than $100 million of debts in its filing," according to a report from Reuters news service. "MTS expects to emerge from Chapter 11 within 45 to 60 days. It plans to swap $110 million of senior debt for $30 million of new senior notes and an 85% equity stake. Existing equity holders would retain a 15% stake," the report continued.

In a decision delivered in late December, China's top court has elevated intellectual property theft from misdemeanor status to felony. The move may be a sea change for the giant Asian nation, where piracy has long been a way of life.