I received an email from GC indicating they were going into chapter 11.
I received an email from GC indicating they were going into chapter 11.
Billy Packard
Gilchrist A3, 1993
Weber Fern, 2007
Stiver Fern, 1990
Gibson 1923 A2
Gibson 1921 H1 Mandola
Numerous wonderful guitars
I found an article online. Sorry its riddled with advertising in between every paragraph. Such is the way of the world now.
https://www.usatoday.com/story/money/2020/11/14/guitar-center-chapter-11-bankruptcy/6294720002/
I haven't seen the e-mail yet but in the past few days this article was posted online:
https://msretailer.com/guitar-center...06_g8abScCsys0
as well as this one:
https://msretailer.com/bloomberg-aga...er-bankruptcy/
and this notice is on their website at the bottom under restructuring:
https://www.guitarcenter.com/restructuring
"It's comparable to playing a cheese slicer."
--M. Stillion
"Bargain instruments are no bargains if you can't play them"
--J. Garber
Mike, thanks for that last link. Hadn't noticed it before. What's strange is I got a cold call from GC this past week hoping I would buy something. Was guessing they were/are trying to push sales to lower inventory before filing Chapter 11.
Just wonder how many stores they will end up closing? We have four in the Twin Cities metro area at present. All within about 20 miles of each other.
Brentrup Model 23, Boeh A5 #37, Gibson A Jr., Flatiron 1N, Coombe Classical flattop, Strad-O-Lin
https://www.facebook.com/LauluAika/
https://www.lauluaika.com/
https://www.facebook.com/Longtine-Am...14404553312723
No worries, my prediction is that they will still be around 100 years from now, along with Gibson, General Motors, etc........
So, what's new. They, and Chrysler need to go away.
Although I don't have any need for GC now, I certainly did when I was a young, aspiring musician and my parents had no idea what and/or where to buy my first guitar. After working at a GC (Tukwila store) for a bit in my 20s I know this isn't just my experience. A lot of new musicians rely upon GC.
I hope they stay to provide just that service.
Any store that sells instruments that are not set up to play well is not helping a young musician starting out, unless they are helping them to not play music because their instrument plays so hard or out of tune.
THE WORLD IS A BETTER PLACE JUST FOR YOUR SMILE!
I was in a GC many years ago in Washington state. It was also the last time. No knowledge of anything by the staff. No help. No clue. So not a loss.
Not a huge surprise, because of the LBO a few years back (to me leveraged buyouts are an insanity where the bought company assumes the debt for being acquired). GC instantly took on a few billion in debt, right about the time growth had stalled. Now with the last year of reduced economic activity it's no surprise. I have never been a GC hater and bought lots of things from them over the years (I go elsewhere for setups though).
If they come out with less debt maybe its a good thing. Gotta give them credit for lasting this long.
And once they get rid of some debt they will be ripe for another LBO...
Davey Stuart tenor guitar (based on his 18" mandola design).
Eastman MD-604SB with Grover 309 tuners.
Eastwood 4 string electric mandostang, 2x Airline e-mandola (4-string) one strung as an e-OM.
DSP's: Helix HX Stomp, various Zooms.
Amps: THR-10, Sony XB-20.
"It's comparable to playing a cheese slicer."
--M. Stillion
"Bargain instruments are no bargains if you can't play them"
--J. Garber
I have been rebuilding and modifying electric guitars for my son and myself for the last few weeks. You can buy knobs for Gibson and Fender guitars that look like the normal stock vintage knobs except they go up to 11. I passed but thought it was cute.
"It's comparable to playing a cheese slicer."
--M. Stillion
"Bargain instruments are no bargains if you can't play them"
--J. Garber
Chrysler owns Jeep. If GC had a brand as strong it would be better situated financially.
As for GC, they have been cut off from some of their suppliers and some are no longer willing to sell to them. At this point, once they enter Ch 11 they will have to pay for all new inventory COD. They are going to have to raise some operating cash to do this.
What they need is a new business model and to consolidate down to one business entity. Unfortunately, that means people are going to lose their jobs.
"your posts ... very VERY opinionated ...basing your opinion/recommendations ... pot calling ...kettle... black...sarcasm...comment ...unwarranted...unnecessary...."
I believe part of the renegotiated debt included an infusion of money from someone.
There it is:
That would have to end up being true I guess.The potential filing follows weeks of negotiations between Guitar Center and its creditors, and certain investors are set to provide new capital to the company to help it restructure.
"It's comparable to playing a cheese slicer."
--M. Stillion
"Bargain instruments are no bargains if you can't play them"
--J. Garber
GC's problems have been going on since 2007. This will be the 3rd time that investors or a management group has come along and rescued the house of cards.
The non sequitur has been that they have always continued to open new stores, some of them in places where the market may be too small to pay the bills.
One would think that sooner or later, they would begin closing locations that aren't making a profit, but so far, this has not yet happened.
We'll have to wait and see if that changes. I can think of one major manufacturer who will take a significant hit if GC downsizes.
I got the email from both Guitar Center and Muscian's Friend.
Eastman MD515
Kentucky KM-180S
Kentucky KM-252
Rogue RM-100A crash test dummy mandolin,
I like GC and wish them well. I’ve been going in there since I was 18 and started playing guitar. Lots of good memories, not just for me but for millions like me. I also don’t go in there expecting or needing knowledge from their staff, though I realize some people do. I’ve helped a few people while browsing in there over the years, and I’ve witnessed a lot of it from others. Most people are generally pretty cool in a guitar shop. It’s kind of hard to be in a bad mood in a toy store.
...
Mixed feelings here. I've bought various stuff, mostly minor but more than one used amp and guitar, from the Totowa NJ store. One or two excellent employees - you could tell who by the over-40 crowd going straight to them, and they generated lots of interesting trade-ins. Then there was similar-size Victors House of Music in Paramus, NJ. Different selection from GC, good staff, lots of artist clinics (got to meet Artie Traum there). The day that THEY suddenly became "just another GC" 8 or 10 years ago, minus the more interesting characters, was definitely a low point.
- Ed
"Then one day we weren't as young as before
Our mistakes weren't quite so easy to undo
But by all those roads, my friend, we've travelled down
I'm a better man for just the knowin' of you."
- Ian Tyson
"It's comparable to playing a cheese slicer."
--M. Stillion
"Bargain instruments are no bargains if you can't play them"
--J. Garber
GC ran the Brick & Mortar stores, Musician's Friend the warehouse Mail Order/online business .
Out of Medford Oregon , Rogue river (used as a Brand) flows just north of the city.
writing about music
is like dancing,
about architecture
While I much prefer Mom and Pop music stores, I hate to see ANY music store in financial straits. Whenever any music store closes, it's one less location offering the 'musically curious' a place to get their first taste. I believe individuals and society benefits when more people play music regardless of genre or instrument. While they would most likely be better served by a local Mom and Pop, almost any exposure/opportunity is better than none. They might find the local Mom and Pop when they gain experience.
I just hate to see music stores close. To my mind, music stores equal opportunity, and the benefits of playing music are immeasurable.
Purr more, hiss less. Barn Cat Mandolins Photo Album
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