Just reinstalled itunes due to need to fix msvcr80.dll error; now itunes wont run because itunes library.itl cant be read created by newer version itunes.  how do i resolve this ?

just reinstalled itunes due to need to fix msvcr80.dll error;
now itunes wont run because itunes library.itl cant be read created by newer version itunes. 
how do i resolve this ?

By way of experiment, let's first try specifically choosing a library for iTunes to open.
Quit iTunes if that error message is showing. Now hold down your Shift key, and then open iTunes. (Keep holding down the shift key while iTunes is opening.)
You should see a dialog asking you if you want to choose or create a library, as per the following screenshot:
Click "Choose Library ..."
You should now see a screen like the following screenshot:
Select the "iTunes Library.itl" file (shown circled in the screenshot) and click "Open".
Does your iTunes library open without the error?

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