Guitar Center Files For Bankruptcy
The Guitar Center, the biggest musical retailer in America is filling for chapter 11 bankruptcy.
Partial article published yesterday in the Independent by Louise Hall. Click below to head to the article in more detail.
Guitar Center, the biggest musical instrument retailer in the United States, is filing for Chapter 11 bankruptcy amidst ongoing impacts to retail due to the coronavirus pandemic.
Guitar Center and its sister brand Music & Arts attempted to adapt to the ongoing pandemic by offering live online music sessions, but it seems the change in strategy may not have been enough.
The filing in the Bankruptcy Court of the Eastern District of Virginia will allow Guitar Center and its related brands to continue to operate in the normal course while it carries out a restructuring plan.
“This is an important and positive step in our process to significantly reduce our debt and enhance our ability to reinvest in our business to support long-term growth,” Ron Japinga, CEO of Guitar Center, said. by Louise Hall. Click here for the full story from the Independent.
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Source: musicinstrumentnews.co.uk
