The 'GC going under' threads come and go with the seasons 'round here; they're living a troubled retail life as are a lot of retailers. I wish them the best, as after it's all said and done, there's lots of jobs at stake for the long-termers there.
A real and unspoken danger to their dilemma is IF they were to go down, how on Earth would the major players who stock their stores (the Fenders, Gibson, Yamahas, Rolands, and on down the line) be affected? It would keep me up at nights in Corona or Nashville and elsewhere trying to figure out how to make that volume elsewhere, especially as GC, like all big-box stores, tends to weed out and kill a lot of local businesses, in our case a lot of mom and pop music stores.
Like a big ship sinking, it would could create quite a suction and take a lot of things with it. Scary.
On a personal level, it's always been somehow ironic that a place with a big sign out front that says GUITAR CENTER has always had such a limited selection of strings. Funny, innit ?