Guitar Center Files for Chapter 11 Bankruptcy

[bobyoung53]

Instrument superstore Guitar Center has officially filed for Chapter 11 bankruptcy.

However, it does not mean the end of the store.

According to the company, the financial move will allow business operations to “continue uninterrupted” as the filing injects “$165 Million in new equity investments” to “recapitalize the company.”

The move will also reduce the store’s debt, currently totaled at nearly $800 million.

More at:

Guitar Center Files for Chapter 11 Bankruptcy

 

[Bassndrums73]

$800. Million is a lot of debt for ANY business no matter what kind. That’s a lot of guitars, amps, etc they would need to sell to pay that off. Amazing.

 

[Jeff Scott]

$800. Million is a lot of debt for ANY business no matter what kind. That’s a lot of guitars, amps, etc they would need to sell to pay that off. Amazing.

Let me check my bank account.

 

[Bassndrums73]

Do you plan on paying it off for them? Or just buying something to help them out?

 

[Jeff Scott]

Do you plan on paying it off for them? Or just buying something to help them out?

That depends on the current balance.....................

 

[Michedelic]

 

[Killed_by_Death]

I'm going to start taking a shot of vodka every time a bleedin' 'GC is going bankrupt' thread gets started, I'll get blitzed.

 

[cataract]

I'm going to start taking a shot of vodka every time a bleedin' 'GC is going bankrupt' thread gets started, I'll get blitzed.

I’ll join you— reckoning we’ll be dead by dawn lol

 

[EdwardofHuncote]

Well good, they suck anyway. Or so says the TalkBass hivemind.

 

[Wilmingtonian]

I'm going to start taking a shot of vodka every time a bleedin' 'GC is going bankrupt' thread gets started, I'll get blitzed.

Yes, there have been a lot... but this time they did actually file. I mean, it's official. They aren't closing-bankrupt, but reorganizing-bankrupt. (Or, maybe you mean we've seen threads on this very instance, but be ready, this won't be the last thread about their finances).

 

[sequel91]

Yep--this time it's real. However, it sounds like they've already got a Chapter 11 plan, including a deal with the major creditors.

 

[micguy]

My guess is this is another step in a long, slow, painful demise. I’d like to be wrong, though.

My local GC’s have more basses than I do. However, I have more good basses than a GC store - I wouldn’t trade any of mine for any of theirs. I hope one day that that situation changes.

 

[fhm555]

I'm going to start taking a shot of vodka every time a bleedin' 'GC is going bankrupt' thread gets started, I'll get blitzed.

No doubt, and by 1000 hours every day.

 

[ElMon]

I'm going to start taking a shot of vodka every time a bleedin' 'GC is going bankrupt' thread gets started, I'll get blitzed.

Seen a lot of your posts over the years. Hate to catch your name in the ‘In Memoriam’ thread.

 

[LoTone]

I am a bit surprised by that. With the COVID pandemic, there is a rumor that musical instruments sales are on the way up. The timing is a bit odd.

 

[PaulCISSA]

I’ll join you— reckoning we’ll be dead by dawn lol

Yeah, but we'll have a helluva good time before the sun comes up. GC outta business? Been hearing this for 15 years. Ho-hum.

 

[markjazzbassist]

I am a bit surprised by that. With the COVID pandemic, there is a rumor that musical instruments sales are on the way up. The timing is a bit odd.

hopefully the canadian retailers are smart and taking advantage. GC just is a mess and has always been so really this COVID boost was never going to do much to them. How are Long and McQuade's and Steve's and the like doing?

 

[Michedelic]

Does this mean we have to go back to buying guitars, basses, and amps at Sears? Oh, wait a minute...

 

[bobyoung53]

My guess is this is another step in a long, slow, painful demise. I’d like to be wrong, though.

My local GC’s have more basses than I do. However, I have more good basses than a GC store - I wouldn’t trade any of mine for any of theirs. I hope one day that that situation changes.

Most of them just need a good set up and maybe fretwork for fret sprout.

 

[MultiScaleMale]

I am a bit surprised by that. With the COVID pandemic, there is a rumor that musical instruments sales are on the way up. The timing is a bit odd.

It's because a large chunk of debt came due and they missed the payment. The Bain Capital acquisition saddled them with debt while they left with huge profits.