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.
The name Joe D'Appolito is synonymous with high-performance loudspeakers. Many manufacturers use D'Appolito techniques, but Snell Acoustics has the advantage of employing the famed designer himself as chief engineer. The company will soon begin delivering its Series 7 loudspeakers, which debuted at the 2004 Consumer Electronics Show (CES) in Las Vegas.
Parasound wins design award: Only a week after receiving a Stereophile 2003 "Product of the Year" award at the Consumer Electronics Show in Las Vegas for its excellent Halo JC-1 monoblock power amplifier—Richard Schram is shown accepting the award (right)—Parasound Products won a 2003 "Good Design Award" from the Chicago Athenaeum Museum of Architecture and Design. The company's Halo C1 preamp/surround sound processor emerged on top in the museum's annual design competition, "one of the oldest and most important such events in the world," according to a January 16 announcement from Parasound. The C1 and other winners will be on exhibit in the museum from April 3–June 13, 2004. Opening day of the exhibit will be populated with dignitaries, design professionals, and representatives of the press.
Manufacturers sometimes suspect that they have been intentionally slighted if they don't get mentioned in a Stereophile show report. The truth is that the overwhelming enormity of the Consumer Electronics Show (CES) prevents even the most aggressive journalists from seeing everything. (SGHT editor Tom Norton may be the sole exception.)