140:
250:, which it dissolved in 1970. Also in 1970, the company was compelled to withdraw a share issue, due to lack of market interest. To raise additional capital in response to market indifference, the company decided to sell and lease back its Los Angeles head office, as well as the Chess Records Chicago property it had acquired. At the time, there were market concerns related to the potential disposition of a significant block of shares of General Recorded Tape which were held by
258:
eliminated warehousing and most of its Chess
Records operation in Chicago, as well as closing its GRT Records operation in Los Angeles. Instead, all record operations were to be consolidated in New York, under the GRT label. Shortly thereafter, the company's financial results were reported as significantly improved, which was attributed to the earlier restructuring. General Recorded Tape was nonetheless subject to profit erosion through tape
257:
In April 1971, Alan J. Bayley announced that the company had received an additional $ 2,000,000 in debt financing, concurrently with significantly restructuring its operations. At the time, GRT had three record operations: Chess
Records, Janus Records and GRT Records. Bayley announced that GRT had
182:
in 1965 by Alan J. Bayley (1933–2010), who was also its president. General
Recorded Tape developed in the 1960s to become a major manufacturer of tape-format music for many record labels. As of 1968, the company had duplication rights for 67 record labels, while it was estimated that 90% of retail
245:
The company went public in 1968. However, as early as 1970, General
Recorded Tape, which became more commonly known as GRT, was encountering financial difficulties, significantly due to the general state of the economy and the lack of public interest at that time in recorded tape. Its shares
276:
restructuring in 1979, owing $ 21 million, against an estimated $ 19 million in assets, and where approximately 6,000 creditors were listed. At the time, the company was estimated to have approximately two million units of recorded product (records and tape) in inventory. The company was
214:
in the United States. In 1972, General
Recorded Tape purchased Pye Records' interest in Janus Records and by 1976 reorganized its record production business around Janus Records. At the time, Janus Records proved to be particularly profitable for General Recorded Tape, due to
262:, with respect to which it acted to counter, as of 1971. Instead of its later record releases being referenced to the GRT label, as originally announced, the company began to refer to its Chess/Janus record operations.
246:
declined from a high of over $ 25 in 1969 to less than $ 4, within a year. For the six months ended
December 30, 1970, the company lost $ 3.9 million. The company had a joint venture arrangement with
183:
outlets carried GRT tape products. At the time, the company was focused on the educational and industrial markets for its tape products, despite servicing a large number of record labels.
381:
611:
389:
606:
401:
576:, citing the bankruptcy of General Recorded Tape as a factor in credit subsequently being significantly restricted, among industry participants. Retrieved 2013-04-04.
281:, recovered $ 5.5 million, while its unsecured creditors obtained marginal recovery. Its assets, notably its brand labels, were sold, and the company ceased to exist.
198:$ 6.5 million and 20,000 shares of General Recorded Tape stock for all of the shares of Chess Records. Also in 1969, the company established a Canadian subsidiary,
186:
General
Recorded Tape later grew to acquire major labels in its own right, such as Chess Records and Janus Records, and also released music under its own label,
631:
601:
596:
405:
377:
626:
561:
545:
569:
461:
313:
621:
616:
422:
230:. At the time, Bayley insisted that the product lines of General Recorded Tape had strengthened through licensing arrangements with
273:
162:
tapes that existed between 1965 and 1979. The company grew to become the owner of several prominent U.S. record labels, including
513:
448:
435:
269:. The new owners of the Chess building found that approximately 250,000 Chess records had been abandoned, and destroyed them.
549:
345:
325:
565:
500:
487:
362:
226:
status. Earlier, in 1974, General
Recorded Tape had publicly denied rumours that it was in negotiations to merge with
474:
591:
300:
409:
187:
202:, which became a major label in Canada during the 1970s. The company in 1969 also established a
219:
231:
179:
99:
50:
349:
266:
8:
247:
104:
94:
259:
251:
278:
139:
385:
28:
585:
330:
Headed by Alan Bayley, founder and chairman of the defunct GRT tape combine,
265:
In 1975, General
Recorded Tape sold the remaining assets of Chess Records to
211:
203:
191:
167:
163:
159:
190:. Its acquisition of Chess Records occurred in 1969, when the company paid
239:
155:
151:
38:
573:
235:
227:
223:
207:
199:
117:
216:
195:
529:
451:. Billboard, December 12, 1970, pp. 16, 18. Retrieved 2013-03-15.
365:. Billboard, September 28, 1968, pp. 10, 26. Retrieved 2013-03-13.
331:
533:
254:, a company with no evident familiarity with the music industry.
277:
subsequently declared bankrupt. Its largest secured creditor,
125:
552:; Billboard, September 15, 1979, p. 1. Retrieved 2013-3-25.
516:. Billboard, November 25, 1972, p. 8. Retrieved 2013-03-24.
449:
GRT, Supported by
Capital Plan, Gears for '71 Growth Program
438:; Billboard, December 14, 1974, p. 8. Retrieved 2013-04-02.
464:; Billboard, August 29, 1970, p. 10. Retrieved 2013-04-03.
503:. Billboard, March 13, 1971, p. 18. Retrieved 2013-03-14.
425:; Billboard, March 19, 1977, p. 12. Retrieved 2013-04-01.
477:; Billboard, April 3, 1971, p. 10. Retrieved 2013-03-10.
314:
General Recorded Tape hires Hershfield in Expansion Plan
326:
Upgrades Atari Capacity:Arcadia Sets 'Supercharger Unit
612:
Companies that filed for Chapter 11 bankruptcy in 1979
568:; Billboard, October 4, 1980, pp. 3, 9. Comments of
607:
Companies that have filed for Chapter 11 bankruptcy
328:, By John Sippel, Page 32, Billboard, 21 Aug 1982,
566:MCA's Bergamo urges retailers to mine video field.
143:Veronica Herrera, at a GRT 8-track assembler, 1970
319:
583:
316:; Billboard, May 21, 1966. Retrieved 2013-03-28.
475:Picture brightens as GRT is given new financing
352:, May 27, 1967, p. 71. Retrieved 2013-03-09.
295:
293:
632:Mass media companies disestablished in 1979
602:Manufacturing companies established in 1965
524:
522:
290:
597:1965 establishments in the United States
306:
138:
519:
501:GRT sets up 4-point plan vs. bootlegger
373:
371:
584:
550:GRT Struggling to Dig Out: 21 Mil Hole
490:. Billboard, October 23, 1971, p. 20.
299:Palo Alto Online – Lasting Memories,
178:General Recorded Tape was founded in
627:1979 disestablishments in California
488:GRT's July–August reverses loss span
368:
13:
16:Defunct American tape manufacturer
14:
643:
622:1965 establishments in California
617:Record labels established in 1965
346:Photo and caption of Alan Bayley
272:General Recorded Tape filed for
150:was an American manufacturer of
555:
539:
506:
493:
480:
467:
454:
441:
462:GRT withdraws planned offering
428:
415:
395:
355:
338:
1:
284:
210:, based in England, to form
7:
390:Both Sides Now Publications
83:Liquidated and catalog sold
10:
648:
173:
410:The Canadian Encyclopedia
238:and former executives of
123:
113:
87:
79:
64:
56:
44:
34:
24:
536:. Retrieved 2013-03-15.
392:. Retrieved 2013-03-16.
303:. Retrieved 2013-03-09.
412:. Retrieved 2013-03-10.
301:Alan J. Bayley memorial
592:American record labels
363:GRT plans to diversify
144:
514:GRT Profit Pace Holds
436:GRT-ABC Merger Denied
234:, which was owned by
232:Private Stock Records
180:Sunnyvale, California
148:General Recorded Tape
142:
51:Sunnyvale, California
20:General Recorded Tape
267:All Platinum Records
406:GRT of Canada, Ltd.
21:
423:Grass Roots Labels
248:Blue Thumb Records
145:
19:
252:Newell Industries
220:"Year of the Cat"
137:
136:
639:
577:
559:
553:
543:
537:
526:
517:
510:
504:
497:
491:
484:
478:
471:
465:
458:
452:
445:
439:
432:
426:
419:
413:
399:
393:
375:
366:
359:
353:
342:
336:
323:
317:
310:
304:
297:
133:
128:
75:
73:
22:
18:
647:
646:
642:
641:
640:
638:
637:
636:
582:
581:
580:
572:, President of
560:
556:
544:
540:
527:
520:
511:
507:
498:
494:
485:
481:
472:
468:
459:
455:
446:
442:
433:
429:
420:
416:
400:
396:
386:The Chess Story
376:
369:
360:
356:
343:
339:
324:
320:
311:
307:
298:
291:
287:
279:Bank of America
176:
132:US$ 6.6 million
131:
124:
109:
71:
69:
49:
17:
12:
11:
5:
645:
635:
634:
629:
624:
619:
614:
609:
604:
599:
594:
579:
578:
554:
538:
530:Profile of GRT
518:
505:
492:
479:
466:
453:
440:
427:
414:
394:
367:
354:
337:
318:
305:
288:
286:
283:
175:
172:
135:
134:
129:
121:
120:
115:
111:
110:
108:
107:
102:
97:
91:
89:
85:
84:
81:
77:
76:
66:
62:
61:
60:Alan J. Bayley
58:
54:
53:
46:
42:
41:
36:
32:
31:
26:
15:
9:
6:
4:
3:
2:
644:
633:
630:
628:
625:
623:
620:
618:
615:
613:
610:
608:
605:
603:
600:
598:
595:
593:
590:
589:
587:
575:
571:
567:
563:
558:
551:
547:
542:
535:
531:
525:
523:
515:
509:
502:
496:
489:
483:
476:
470:
463:
457:
450:
447:Bruce Weber,
444:
437:
431:
424:
421:Uncredited,
418:
411:
407:
403:
402:Richard Green
398:
391:
387:
383:
382:David Edwards
379:
378:Mike Callahan
374:
372:
364:
358:
351:
347:
341:
335:
333:
327:
322:
315:
309:
302:
296:
294:
289:
282:
280:
275:
270:
268:
263:
261:
255:
253:
249:
243:
241:
237:
233:
229:
225:
221:
218:
213:
212:Janus Records
209:
205:
204:joint venture
201:
197:
193:
192:Leonard Chess
189:
184:
181:
171:
169:
168:Janus Records
165:
164:Chess Records
161:
157:
153:
149:
141:
130:
127:
122:
119:
116:
112:
106:
103:
101:
98:
96:
93:
92:
90:
86:
82:
78:
67:
63:
59:
55:
52:
47:
43:
40:
37:
33:
30:
27:
23:
557:
541:
528:Uncredited,
512:Uncredited,
508:
499:Uncredited,
495:
486:Uncredited,
482:
473:Uncredited,
469:
460:Uncredited,
456:
443:
434:Uncredited,
430:
417:
397:
361:Uncredited,
357:
344:Uncredited,
340:
329:
321:
312:Uncredited,
308:
271:
264:
256:
244:
240:Bell Records
217:Al Stewart's
185:
177:
152:reel to reel
147:
146:
126:Total assets
114:Headquarters
39:Record label
25:Company type
574:MCA Records
562:John Sippel
546:John Sippel
334:will also..
260:bootlegging
236:EMI Records
228:ABC Records
224:gold record
208:Pye Records
200:GRT Records
188:GRT Records
118:Los Angeles
586:Categories
570:Al Bergamo
285:References
274:Chapter 11
222:achieving
196:Phil Chess
350:Billboard
88:Successor
160:cassette
35:Industry
534:Discogs
332:Arcadia
174:History
156:8-track
70: (
65:Defunct
57:Founder
45:Founded
29:Public
206:with
380:and
194:and
166:and
158:and
80:Fate
72:1979
68:1979
48:1965
105:DMG
100:UMG
95:WMG
588::
564:,
548:,
532:;
521:^
408:;
404:,
388:;
384:,
370:^
348:;
292:^
242:.
170:.
154:,
74:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
