BVI company Acquires Tower Records trademark and Web site for $4.2M

The company Caiman Holdings Inc., registered in the British Virgin Islands, has reported about buying the Tower Records trademark for $4.2 million. The sale includes the e-commerce business and a global trademark, registered in 37 countries.

Caiman Holdings Inc. bought the Tower Records trademark and web site by outbidding four competitors, and can operate the web site and open Tower Records stores in the US and some other countries. BVI company can increase the ability of consumers to download movies, music and entertainment from the Tower Records Web site.

The Tower Records brand was started in 1960 in Sacramento, and currently is one of the most recognizable brands in music retailing. It has licensed Tower stores in six countries. Japanese ownership of the Tower brand is owned by another company, which pays about $800,000 in royalties annually.

BVI company’s officials could not be reached to comment. The trademark sale should close at the end of next month. Tower is also set to auction the remaining assets, including warehouse equipment and the remaining music, from its former West Sacramento headquarters.

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