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Is the GC bankruptcy finally happening, or....

Discussion in 'Miscellaneous [BG]' started by two fingers, Oct 25, 2020.

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  1. two fingers

    two fingers Opinionated blowhard. But not mad about it. Gold Supporting Member

    Feb 7, 2005
    Eastern NC USA
    mcclurer16 and Ellery like this.
  2. It’s the boy who cried “Wolf”.
    Wait. No, it’s the press that cried “Wolf”.
    I don’t believe anything they say about Guitar Center anymore.
    I don’t believe what they say about ANYTHING, anymore.
  3. Jeff Scott

    Jeff Scott Rickenbacker guru..........

    Apr 11, 2006
    Ugh! Again? :roflmao:
  4. JRA

    JRA my words = opinion Supporting Member

    :D these days = i take a lot of things with a grain of salt, that's for sure.

    per the OP: according to the article: covid has been a boon to GC --- that has to be mostly online sales, right?
  5. So, if I read the article correctly......"Guitar Center gets ready to maybe do a thing unless it doesn't." Ummmm........ok. Sounds like a website needed content. Hooray journalism in the 21st century.
  6. GregC

    GregC Johnny and Joe Gold Supporting Member

    Jan 19, 2007
    Did you guys actually read the NYT story? They reported facts. GC missed an interest payment of $45M earlier this month, setting off a grace period of 30 days that COULD end in default. And an anonymous source said they're prepping a bankruptcy story. Nowhere does the article say they WILL file.
    This is news. Should they say absolutely nothing and wait until there's a filing? Then y'all will complain that the press should have seen the signs.:D
  7. "Preparing to potentially" file? When you're 24 you're "preparing to potentially" retire by starting a 401k. This is fluff to keep the news outlet busy.
  8. Zooberwerx

    Zooberwerx Gold Supporting Member

    Dec 21, 2002
    Virginia Beach, VA
    If your file for bankruptcy, are you then "bankruptured"?

  9. My point was, that they’ve said all this, and predicted they would be filing bankruptcy soon, about 50 times already.
  10. I read the article the op linked. You won't hear me complaining. My friend who worked at GC died about 2 weeks ago and was the only reason I went there. GC "going out of business" is a monthly occurrence.
  11. GregC

    GregC Johnny and Joe Gold Supporting Member

    Jan 19, 2007
    Talkbass predicted that. Don't blame it on the press.
    lomo, Tampabass, mcclurer16 and 6 others like this.
  12. micguy


    May 17, 2011
    My prediction:

    Guitar Center doesn't ever go bankrupt; they just threaten to for a couple of decades. They're about halfway there at this point.
  13. telecopy


    Dec 6, 2009
    Does that mean Musician's Friend goes too?
    mcclurer16 and DJ Bebop like this.
  14. Clark W

    Clark W Supporting Member

    Aug 26, 2018
    My local GC is pushing for gear buys. Every time you call them they remind you that they buy used gear. They even have a table setup just inside the door to handle used gear buys that was never there before. Wonder what they are up to...
    Last edited: Oct 25, 2020
    mcclurer16, dopejohnpaul and DJ Bebop like this.
  15. Low8

    Low8 Supporting Member

    Mar 30, 2014
    Wow, I know we're living in tough times... but I can't imagine anything they've done poorly that could've contributed to this.

    [snicker, snicker] :cool:
    mcclurer16, Ellery, TonyP- and 2 others like this.
  16. lizardking837


    Jan 28, 2009

    No idea. But I’m tempted to sell my gear and then buy it back for pennies on the dollar when the store goes kaput.

    In reality it’s probably to keep the store stocked without having to buy at full price from Fender, Gibson, etc.
  17. I have no inside knowledge, but I would think it's because there is a ton of gear out there. The market is saturated and now they have legitimate competition from individuals and businesses alike on Facebook, Craigslist and Reverb. The used market is huge now.
    Garret Graves and mcclurer16 like this.
  18. Michedelic

    Michedelic MId-Century Modern

    They’re such a tease.
  19. micguy


    May 17, 2011
    That’s a good question - not sure if they could ditch the brick and mortar business and leave the internet one (which is probably more profitable) up and running.
  20. These stories come and go as GC struggles as a brick and mortar retailer, just like so many stores and chains are facing in an online and COVID world.

    But I'll say what I always say: The danger, to me, is how will that affect the all of their vendors ? And how big a ripple effect will it pass through the instrument and accessories industry ? That's the scary part to me, as where DO those companies go to make up the lost volume ?
  21. Primary

    Primary TB Assistant

    Here are some related products that TB members are talking about. Clicking on a product will take you to TB’s partner, Primary, where you can find links to TB discussions about these products.

    Dec 3, 2020

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