The 61-year-old company -- the biggest musical instrument retailer in the United States -- had tried to stay afloat during the coronavirus pandemic by offering virtual music lessons. But Guitar Center was forced to close many of its stores in March during nationwide lockdowns, and it struggled to get customers to buy instruments as the economy headed south.Guitar Center has 269 locations, many of which are in malls that had been struggling long before Covid-19.
The company's primary owner, Ares Management Corporation, as well as new equity investor Brigade Capital Management and a fund managed by The Carlyle Group will help finance Guitar Center through bankruptcy.Read More"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," Guitar Center CEO Ron Japinga said in a statement.
We love playing music, visiting those stores and testing out every guitar and petal in the store. This pandemic has changed the way we do things so much.
I got most of my guitars from this store :(
H8 2 C IT 😂😂😂😂
Guitar has been overdone . No more heroes, its all about pushing gear.
Ohh sad to hear!
really CNN? no proofreading before hitting post?
Well at least you're saying the B word and not hiding from it. CNN is next to go under.
Say it ain’t so. 🙁
Oh no! I hope they don’t go out of business. Great company.
They should start carrying MesaBoogie. Completely annoyed that I can't go try out a JP-2C before shelling out almost 3k.
Thanks Biden....
Sorry to hear, but this might save trees being poached in USA national forests for their 'beauty' as guitar backs. Yes that happens, poachers are destroying a tree species because guitar makers don't seem to care where wood comes from.
I need one
Why aren't millennials buying $700 guitars!?
ericgarland 🎯
Wow they've been in the Haight Ashbury since I was a kid (long ass time ago)😭🎸🎶🪕
Shop local!
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I'm not dead, just no longer living.
Here in Portland Maine, everytime I went into Guitar center they were arrogant jerks. Started going to Buckdancer's Choice, a small locally owned shop and they have been awesome. Bigger is not always better.
reverb effect
I feel bad for the employees, but don't fret the loss of another private equity demo job.
A local music shop closed down 2 years ago after 50 years of operation. The next guitar shop is Guitar Center and its across the whole city. With that gone, there's only local Spanish acoustic shops, pawn shops, and local used guitar shops. My city is the largest in my state.
Back in the day going to GC on Sunset Blvd was a venture. A magical place with tons of gear & informed clerks. When GC came to AZ, local pro's were excited. That excitement's long gone. Greed & the bottom-line has essentially turned Guitar Center into Sears. No surprise, no tears
btfhoya
Democrats are destroying the world so they can be paid off by Amazon, when its the last thing standing. What would an AOC be doing if she wasn't in Congress? Not starting a business, we know that.
Makes me happy, they have long fucked-over the little guy...especially on trades...known for selling damaged gear at full retail...really glad to see them go.
CNN won’t u report on the huge fraud that this election is?
Anyone looking for a lefty telecaster?
They were not doing well prior to the pandemic. The writing was on the wall years ago. Go back further.
Nobodies out here tryna sing and play guitar in a pandemic
American greed is unsustainable to the world.
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