The company expects to emerge from bankruptcy by the end of the year.
The bankruptcy filing came just one week after the Guitar Center, which had been struggling to compete with online retailers even before the pandemic, announced it hadThe approved restructuring support agreement intends to reduce Guitar Center’s reported $1.3 billion debt by nearly $800 million, including $375 million in Debtor-In-Possession financing from some existing note holders and lenders. It also intends to raise $335 million in new senior secured notes.
“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,” said Guitar Center CEOin a release. “Throughout this process, we will continue to serve our customers and deliver on our mission of putting more music in the world.”Tower Records Is Back — as an Online Music Retailer
hella rip
rip
Ahhhh shit
Shit happens
This doesn’t surprise me. The entertainment scene is suffering pretty bad. Lots of out of work musicians. While Guitar Center will live to see another day, those that shopped there are hurting for some kind of stimulus help.
Guitar Center is a Blockbuster Video!
They had to pawn all their guitars because they were getting high, sigh
hello
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.