Trans World, Radius Equity considered front-runners.
As part of a process to qualify for the Chapter 11 auction on Oct. 5 for Tower Records, a whopping 16 suitors have placed bids on the troubled superstore chain. However, it's unclear which of those bidders are trying to buy all the company assets and which bids are targeting certain assets, like Tower's real estate or inventory.
In addition to lead or "stalking horse" bidder Great American, the Los Angeles-based liquidator who was the only one to bid by the initial Sept. 12 deadline, the other bidders are Trans World Entertainment in Albany, N.Y.; Super D, the California-based one-stop which put in a bid for www.tower.com under the name CD Listening Bar; and Tower Lifestyles Holdings which is believed to be Radius Equity.
Five bidders appear to be real estate companies: TMC Realty, L.L.C., West Hollywood Properties, Vornado Realty Trust, Champion Development Group and two individuals who invest together in property, Larry Worchell and Ralph Horowitz, all of which are likely just bidding on Tower's property holdings which include the Sunset Blvd. store location and two parking lots.
Also on the bidders list are Champion Development Group, Gamesource Inc., Prescott Interests, SPI Holdings, BEC Inc., Norton LLC, Orchard Capital, 1965 Retail.
Of those bidders, at least two are believed to be bidding for all the chain's assets, Trans World and Radius.
Great American's bid, which is for the chain's inventory, was valued between $90 million and $95 million, according to a transcription of a statement made by Tower Records executive VP/CFO Rebecca Roeddell at a court appearance.