In the new world of Internet delivered music, all may not be over yet for Tower Records. Seemingly against the odds, it came out of a quick Chapter 11 bankruptcy reorganization this week. It is now owned mainly by a group of creditors, with 15 percent held by founder Russ Solomon and his family. The Sacramento Bee (Tower’s first store opened in California’s capital city) delved into court records and interviewed stakeholders to put together a short history of why the company has survived. Although Tower was about to default on its bonds, they were still keeping up with record and video supplier bills and bank loans. The record companies still believe it is a viable outlet for introducing new music. Tower’s remaining 93 stores will mostly remain open. However, there is certainly potential for a dim future, and the company is looking for a buyer to take on the challenge of competing in the new and changing universe of the music industry. (via Follow Me Here)