General Recorded Tape

As of 1968, the company had duplication rights for 67 record labels, while it was estimated that 90% of retail 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.

[6] Also in 1969, the company established a Canadian subsidiary, GRT Records, which became a major label in Canada during the 1970s.

[10] 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.

[11] 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.

[12] Shortly thereafter, the company's financial results were reported as significantly improved, which was attributed to the earlier restructuring.