Tower Seeks to Drop Founder’s Contract

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Tower Records is seeking to unload founder Russ Solomon’s employment contract, the Sacramento Bee reports.


In bankruptcy court papers, lawyers for the soon-to-be-defunct chain said they can’t keep paying Solomon while the business goes through liquidation.


Solomon, who founded the retailer in 1960, is being paid $400,000 a year, according to his contract.


While the company and its management “very much appreciate Mr. Solomon’s expertise and insight … they cannot justify continued compensation at the level provided in the agreement,” lawyers wrote in papers filed in U.S. Bankruptcy Court in Wilmington, Del.


Solomon hasn’t objected to the termination request, the lawyers wrote.


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