GREAT AMERICAN BIDS ON TOWER LIQUIDATION FIRM WANTS INVENTORY.

Byline: Staff and Wire Reports

Tower Records is one track closer to extinction.

The ``lead bidder'' for the company's bankruptcy sale is liquidation specialist Great American Group of Woodland Hills.

Great American's undisclosed bid will be the starting price when Tower is put up at auction Oct. 5 in Wilmington, Del. Representatives of the company did not return phone calls Thursday.

But a lead bid from the liquidation company solely for the store's inventory doesn't mean certain doom for Tower.

American could team with another firm, as it has done in the past, and just liquidate inventory.

Or, another entity could offer a higher price and keep the legendary record chain open.

Radius Equity Partners, a Chicago-based private equity firm, is expected to make an offer.

``We'll make Tower a hip, cool place to go to again, and it hasn't been for a while,'' Radius' Stuart Jamieson told The Sacramento Bee.

Tower founder Russ Solomon and Trans World Entertainment Corp., which owns Sam Goody, are rumored to be considering bids.

Based in West Sacramento, Tower has 89 locations, 13 of which have been labeled unprofitable by Tower.

``We are happy to have the Great American Group offer, and look forward to a vigorous auction with more bidders for Tower's business,'' said CEO Joseph D'Amico.

This is the second time in two years that Tower has filed for bankruptcy.