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Guitar Center Files for Chapter 11 Bankruptcy

#42
bobyoung53 said:
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
Click to expand...

It certainly won't be the last we hear of GC, I'm sure, as much as we might want to enjoy the sound of crickets when GC is mentioned. Rather like some other bankrupt entities.
 
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#43
Eric Huber said:
I actually received an email from them explaining the whole situation. I felt blessed. Having said that I would hate to see them go. Perfect for that last minute cable or whatever. I actually bought my last bass there.
Tired of getting stuff shipped but I understand its the way of the new world. I personally hope they make it.
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Me, too. My local GC mostly has entry-level bass gear, but I've found some great high-end used basses there, both in the store and online. There's also a premium GC or whatever they call them 40 minutes away that gets some cool basses.
 
#45
Pet Sounds said:
Me, too. My local GC mostly has entry-level bass gear, but I've found some great high-end used basses there, both in the store and online. There's also a premium GC or whatever they call them 40 minutes away that gets some cool basses.
Click to expand...


I bought a Surf Green Color of the year Ric 4003 and an Azureglo 1978 4001 in the Boston store during the early 2000's, the 4003 in almost brand new condition and the '78 was also in beautiful shape.
 
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#47
Jason Garrett said:
When you smash perfectly salvageable equipment all the time and throw in your dumpster karma is going to catch
Up with you. There is a lot of energy in musical instruments. Musicians put their heart and souls into playing. Have you seen the YouTube videos of GC dumpster dives. They are horrible to the equipment. A bunch A-holes the lot of them. I purchased a used Squier jbass from the local GC here in Sacramento a few years ago and it had a tuner that would rattle. I brought it back under the warranty and they had it for a week and claimed they couldn't get the part to fix it ***?? So they offered me a refund. I was shocked but ended up buying another bass they had on sale on the new rack. I walked back in the next day and asked for the manager and told him I would be willing to buy that rattling bass as is and fix myself for a discount because I enjoyed the tone of it and he told me it was gone. Another employee overheard me and and said yeah we smashed that red bass last night. I promptly returned the new bass I bought the day before and From That day forward I have never stepped foot in there again. Instead of selling me 2 basses they sold me none. I goto a local small shop here Skips music instead.
GC gets what they deserve. Bye bye GC
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Seriously?!?!?!?!? May GC rot in hell.
 
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#48
Worked at GC for a short period - thought it would be a cool little part-time gig. Goes to show how wrong you can be. Worst job of my life. Lying managers, arrogant rock-star employees (at least in their minds), arrogant rock-star customers (at least in their minds), a "commission" system that ensures you'll lose money and is so complex that nobody understands it and a DOS based store computer system that guarantees every sale will take at lease 10 minutes or more. What a dump. Wanna bet that their fat-cat executives have cut their bonuses to help the corporate debt? Get real. Buy from your local music store, or Reverb or some store online that actually values your business. ANYBODY but GC.
 
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#49
Eric Huber said:
I actually received an email from them explaining the whole situation. I felt blessed. Having said that I would hate to see them go. Perfect for that last minute cable or whatever. I actually bought my last bass there.
Tired of getting stuff shipped but I understand its the way of the new world. I personally hope they make it.
Click to expand...
"Guitar Center" and "blessed" are not two words I'd not expect to see together in one sentence. I've not had any problem with buying certain things online in 20 years of doing so; otherwise, I have supported any B&M/M&P I come across. As GC had slowly atrophied, I've found fewer reasons to go in.
 
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#52
bobyoung53 said:
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
Click to expand...
Maybe thats why I keep seeing Corvette standards for 1k+..
 
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#54
Pizza1988 said:
Basically the investment firm that owned us and ran the company into the ground bailed and another owner picked up the pieces. Most, if not all, executive management was replaced. If GC has any skeletons in it's closet, they are sure to come out.
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Typical, but they probably pulled their money out with profits first. I've done a hand full of divestures to KKR, Ares, and a couple of others. They all work the same. They do put in their own money, but also outside investors as well. They set the acquisition up so that they pull their money out first. Usually by selling off parts of the acquired business.

The other, not well known tactic is that the acquired company pays their key employee's salaries.

Awesome business model if you are on that end of it. It almost always turns out bad if you are an outside investor or an employee. If you are the boss, though, it turns out well.

I was working with a GM for a division (Fortune 200 company that was selling off semiconductor divisions) that was being sold to KKR. In his office while he took a phone call from someone, and he was laying out his terms for the sale. Became a very rich dude.

Another GM of a division of that same company, came over, bid his time for the terms of his contract, and then retired to become a PGA professional. He thought all the money in the world (or at least what he needs for 10 lifetimes or more) would get him a tour card. Crashed and burned on that career, but actually a nice guy. More employees in his division made out with their stock options which is usually not the case.
 
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#56
I know it's hip to love mom and pop music stores and hate big chains, but I LOVE Guitar Center. They have the best selection of used gear at the best prices.

If GC went to an all online platform and closed some or all of the brick and mortar stores, I guess that would be a good compromise. I've been hearing about Guitar Center filing for Chapter 11 so many times, it's like saying "Rolling Stones Farewell Tour 1989"

At least Guitar Center goes to 11 ...

tAgeUIO.jpg
 
#57
Jason Garrett said:
When you smash perfectly salvageable equipment all the time and throw in your dumpster karma is going to catch
Up with you. There is a lot of energy in musical instruments. Musicians put their heart and souls into playing. Have you seen the YouTube videos of GC dumpster dives. They are horrible to the equipment. A bunch A-holes the lot of them. I purchased a used Squier jbass from the local GC here in Sacramento a few years ago and it had a tuner that would rattle. I brought it back under the warranty and they had it for a week and claimed they couldn't get the part to fix it ***?? So they offered me a refund. I was shocked but ended up buying another bass they had on sale on the new rack. I walked back in the next day and asked for the manager and told him I would be willing to buy that rattling bass as is and fix myself for a discount because I enjoyed the tone of it and he told me it was gone. Another employee overheard me and and said yeah we smashed that red bass last night. I promptly returned the new bass I bought the day before and From That day forward I have never stepped foot in there again. Instead of selling me 2 basses they sold me none. I go to a local small shop here Skips music instead.
GC gets what they deserve. Bye bye GC
Click to expand...

Yes, the GC in Sacramento is a pretty negative experience overall. Been going to Skips since the 80s - much smaller, but a better overall experience. The GC in Roseville is okay; if I do go to GC it's the Roseville store.
 
#59
EdwardofHuncote said:
Well good, they suck anyway. Or so says the TalkBass hivemind.
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I won't ever buy anything from then again.

I think their problem is mostly crappy sales people, I had a salesman in the Reno store and I was ready to walk out the door with a new bass and a head. The guy had a I don't give a poopie attitude. So I ordered my Bass and head from Sweetwater and it came right to my door.

So I really don't give a crap if they fall off the face of the earth.
 
#60
You don't get the best employees for 8.00 an hour. The couple of GC's near me that I go to have mostly good people working there. But thee store only has one American Fender and no Real Ernie Ball only the 300.00 Indonesian mades,or even upper level Ibanez. Mostly entry level stuff. But sometimes they have some gems.
 

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