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.
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