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Tower Records parent posts $4.13 million October operating loss
By Caroline Salls
Pittsburgh, Dec. 11 - Tower Records' parent MTS, Inc. reported a $4.13 million operating loss for October on $4.75 million in sales, according to its monthly operating report filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
In September, the company posted a $4.55 million operating loss on $23.97 million in sales.
The net loss for October was $30.45 million, up from a $6.25 million September net loss.
Cash and cash equivalents on Oct. 31 were $21.6 million, compared with $5.03 million on Sept. 30.
Tower is a subsidiary of Sacramento, Calif.-based MTS Inc. The company filed for bankruptcy on Aug. 20 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 06-10886.
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