A court document filing confirms Sacramento-based Tower Records will be sold within 60 days through Chapter 11 of the U.S. Bankruptcy Code, a report says.

The Web site FMQB.com reported the retail music chain and its Chief Executive Officer Joseph D'Amico filed the necessary paperwork to ensure the retailer's sale within an allotted time period and to officially enforce his commitment to the company's sale.

Tower Records has conducted an extensive sale process and this step will allow buyers to complete a sale in time for the holiday season while maximizing the value for stakeholders, D'Amico said of the move.

The court filing was accompanied by an $85 million Debtor in Possession financing agreement between the music company and its current bank group, which will help financially support the company until its sale can be finalized, the report said.

Tower Records controls 89 nationwide stories in 20 U.S. states and overseas.

The Web site said Tower has been up for sale since early August after it was reported that the company had not paid its bills -- prompting Universal Music, Warner Music and EMI to cease their shipments to the retailer.