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Announcement Comes Same Day As Universal Music Group Announces Huge Price Cut On New CDs

West Sacramento, CA /DenounceNewswire/ -- 3 September 2003 -- Tower Records, the national record store chain known for its pierced, blue-haired salesclerks and equally scruffy clientele, announced today a plan to aggressively cut its prices for CDs published by the Universal Music Group to under $18. Tower's move comes in response to Universal's same-day announcement that it would lower the list prices of its CDs to under $12.98 in an effort to boost sales that have been stymied by free Internet music downloading services.

"Our research shows that the sweet spot is to sell Universal's records below $18," said, Louise Solomon, a Tower Records spokesperson.

Historically, large retailers like Tower have sold new CDs at considerably less than the so-called MSRP, or manufacturer suggested retail price. Tower's move signals a reversal of that trend. "We're confident we can sell CDs for under $18 that are widely priced elsewhere at under $13," said Solomon.

Solomon declined to comment on the company's widely-reported preparations for bankruptcy proceedings in a West Sacramento court.

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