Enjoy the benefits of a premium membership!
Upgrade Account
-
TalkBass has been independent since 1998. Add your voice.
Create a free account to reply to discussions, view embedded media, and browse with fewer display ads.
Join free Log in
Want zero display ads or expanded classifieds tools? Compare plans.
positive GC stories, please
- Thread starter pcake
- Start date
For those predicting Guitar Center's demise:
Moody's revises Guitar Center's outlook to stable from negative; CFR affirmed at Caa1
"
New York, April 30, 2019 -- Moody's Investors Service today revised Guitar Center Inc.'s (GCI) rating outlook to stable from negative. GCI's Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating were affirmed along with the company's Caa1 senior secured and Caa3 senior unsecured note ratings.
The outlook revision to stable from negative considers the continuation and sustainability of the modest improvement in GCI's consolidated revenue and EBITDA performance that has taken place during the past twelve months. Despite having one less week in the current fiscal year-ended February 2, 2019, GCI's net sales grew about 1.5% while consolidated EBITDA on a Moody's adjusted basis grew about 3%."
Moody's announces completion of a periodic review of ratings of Guitar Center Inc.
The biggest issue in the Guitar Center story in my humble opinion isn't the demise of brick-and-mortar stores or poor business design, but that the government needs to have rules on the amount of leveraging allowed in any multimillion dollar acquisition, which always carries the potential for significant economic displacement and damage.
Additionally, recessions tend to help giants like Guitar Center over smaller competitors, though of course not over online-only competitors. If you owe bankers $10,000 then you have a problem. If you owe bankers $1,000,000,000 then the bankers have a problem. So while Guitar Center is doing very well right now, they'll also weather recessions quite well. It's just extremely slow to climb out of debt when that far in.
Moody's revises Guitar Center's outlook to stable from negative; CFR affirmed at Caa1
"
New York, April 30, 2019 -- Moody's Investors Service today revised Guitar Center Inc.'s (GCI) rating outlook to stable from negative. GCI's Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating were affirmed along with the company's Caa1 senior secured and Caa3 senior unsecured note ratings.
The outlook revision to stable from negative considers the continuation and sustainability of the modest improvement in GCI's consolidated revenue and EBITDA performance that has taken place during the past twelve months. Despite having one less week in the current fiscal year-ended February 2, 2019, GCI's net sales grew about 1.5% while consolidated EBITDA on a Moody's adjusted basis grew about 3%."
Moody's announces completion of a periodic review of ratings of Guitar Center Inc.
The biggest issue in the Guitar Center story in my humble opinion isn't the demise of brick-and-mortar stores or poor business design, but that the government needs to have rules on the amount of leveraging allowed in any multimillion dollar acquisition, which always carries the potential for significant economic displacement and damage.
Additionally, recessions tend to help giants like Guitar Center over smaller competitors, though of course not over online-only competitors. If you owe bankers $10,000 then you have a problem. If you owe bankers $1,000,000,000 then the bankers have a problem. So while Guitar Center is doing very well right now, they'll also weather recessions quite well. It's just extremely slow to climb out of debt when that far in.
Well, I've been thinking about this for a few days, now and... honestly? The most positive thing I can say about the 2 GC's here in Las Vegas?
1. One of them did have a case that fit my bought-on-eBay Alembic Epic. A really nice one, too..
2. They always have EB Hybrid Slinkys, if I get that desperate for strings...
Other than that? Well, my mother always told me "If you can't say anything nice..." OTOH, I've been to the GC in South Bend, Indiana, while visiting a friend who's a serious musician. That GC was a whole different experience; I'd patronize that GC in a heartbeat...
1. One of them did have a case that fit my bought-on-eBay Alembic Epic. A really nice one, too..
2. They always have EB Hybrid Slinkys, if I get that desperate for strings...
Other than that? Well, my mother always told me "If you can't say anything nice..." OTOH, I've been to the GC in South Bend, Indiana, while visiting a friend who's a serious musician. That GC was a whole different experience; I'd patronize that GC in a heartbeat...
Just grabbed a used Roscoe LG3005 from GC on line. They cut the price significantly and threw in a crappy but sturdy Dean case to move it which was nice for me. After a neck refinishing and set up at the Roscoe shop this thing kills. The manager bent over backwards sending me picks and answering my questions and got the sale.
The unhappy dozens complain. The happy thousands play music.
Well they don’t check there used gear very well. In a 6 month span I returned 3 basses because of the crap people do to these basses before they trade them in.
One bass had crap wiring, returned it.
The next one, when it got to my house it had a huge chunk taken out of the back of the bass, plus the bridge was all the way Max out . It was crap!!!
The last one was a Tobias Basic 4
The input Jack was wore out, the Electronics was floating around in the cavity and someone remade the back cover. Returned that one too. They do not check there stuff. The DONT even clean them. NEVER AGAIN
One bass had crap wiring, returned it.
The next one, when it got to my house it had a huge chunk taken out of the back of the bass, plus the bridge was all the way Max out . It was crap!!!
The last one was a Tobias Basic 4
The input Jack was wore out, the Electronics was floating around in the cavity and someone remade the back cover. Returned that one too. They do not check there stuff. The DONT even clean them. NEVER AGAIN
Met one of their salespeople back in '06... really cool dude... regularly spoke to him whenever I visited the store... he tried his hand at managing the store, finding it wasn't for him (i.e. I'm keeping it positive, @pcake)... he left GC, purchased a warehouse type facility, renting rehearsal space for musicians including stage space...
... still text him, to this day. One cool dude.
... still text him, to this day. One cool dude.
I can confirm this. I ordered a used guitar that was listed as being in "very good" condition. When I picked it up from my local store it was missing the tone knob and had a few minor scratches.
To make this a positive story, the manager got the guitar tech to replace the missing knob, cleaned it up (it was very dusty too) and did a quick neck adjustment on it for me.
I agree, their descriptions are a joke and their photographs are usually unforgivably bad. But I can have it shipped to my local store, get a professional's opinion on it, and immediately return it if desired. To me, that's exceptional customer service and overall, still a pretty positive experience even if I were to return the instrument.
I will say though that I've bought three used instruments from Guitar Center and the two I didn't like were the ones I bought in person. That's on me, not on Guitar Center. The only new instruments I've purchased from them (six I think) have had one damaged or badly built and the rest were fantastic, and the bad one was easily and painlessly returned.
Depends on the price though. Before I bought my Foundation from a private seller, I was looking at a couple for $229 - $279 and an Axcelerator for $299. I don't really expect a full tech inspection and repair at those prices, so I expect there may be a problem or two. As long as I have the right to easily return it if desired, I'm happy.
The Tobias Basic 4 I got was $1499 and was not in excellent condition.
lol My first reaction was "Holy crap"! Then I realized that I have no idea what should be the price for a Tobias Basic 4 in any condition. So . . . I guess I'll stick with an uninformed "Holy crap"!
I recently traded in a bass, got close to what I thought it was worth and got a great price on the bass I wanted without any hassle @ my local GC.
I also once grabbed a genuine '64P with a wrong pickup and bridge ( original white & tort ) off the wall @ GC for ~1/10 the going price. Couldn't get the CC out too quickly.
I also once grabbed a genuine '64P with a wrong pickup and bridge ( original white & tort ) off the wall @ GC for ~1/10 the going price. Couldn't get the CC out too quickly.
At Little Rock GC, Zack and Jake take good care of me. When guitar showoffs get too loud, they come over and ask if they can check out what bass I'm playin then turn it up and hand it back to me sayin have fun!
