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Guitar Center files for bankruptcy - <insert funeral march music here>

 
AggregateThreat
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11/22/2020 03:14 PM
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Guitar Center files for bankruptcy - <insert funeral march music here>
The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said in a statement.

Earlier this month the company reached a restructuring agreement with key stakeholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

The company in a court filing said it has between $1 billion and $10 billion of both assets and liabilities.

[link to www.foxbusiness.com (secure)]

Last Edited by CharlieFoxtrot on 11/22/2020 03:25 PM
Anonymous Coward
User ID: 79134376
11/22/2020 03:22 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Nobody is allowed to make noise anymore, its against the law. LAW & ORDER!!!

Bitter old ladies around every corner more deserving of life than you.
Anonymous Coward
User ID: 69731783
United States
11/22/2020 03:25 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Gonna go get a deal on a nice Les Paul
Anonymous Coward
User ID: 73888128
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11/22/2020 03:26 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Lots of asbys hang out here. Very sad. Hope they do okay.
Anonymous Coward
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11/22/2020 03:27 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Started building my own in 2000 and haven't looked back.
Anonymous Coward
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11/22/2020 03:41 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Probably taking Gibson along with them...
Anonymous Coward
User ID: 78831082
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11/22/2020 03:44 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said in a statement.

Earlier this month the company reached a restructuring agreement with key stakeholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

The company in a court filing said it has between $1 billion and $10 billion of both assets and liabilities.

[link to www.foxbusiness.com (secure)]
 Quoting: AggregateThreat


They are way over priced and never have my guitar strings in stock.

I always end up going to Musician's Friend dot com
Butch DeFeo

User ID: 72656347
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11/22/2020 03:54 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Guitar center sells noisy XLR cables. Guitar center is the radio shack of the music instrument industry.
:DOCSRBAFFLED::redblueLED::DONTBEAPANDEMICS:
Only you can stop the fake pandemic for yourself, no one will ever tell you the pandemic is over. It's time to WIN.
Anonymous Coward
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Singapore
11/22/2020 03:55 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
GC sealed its fate when it prohibited young punk kids from playing that "Stairway To Heaven" riff.

cruise
Anonymous Coward
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11/22/2020 03:57 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Gonna go get a deal on a nice Les Paul
 Quoting: brian frees


Where you going to go play it?

Answer: home, alone
Anonymous Coward
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11/22/2020 03:57 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
I used to drop my kid off there for hours and she would play on all the instruments. yeah hi guys I'm not a****** and I don't give two s**** f*** your f****** ass
Anonymous Coward
User ID: 73975753
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11/22/2020 03:59 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Guitar center sells noisy XLR cables. Guitar center is the radio shack of the music instrument industry.
 Quoting: Butch DeFeo


The sweetest guitar I ever had came from there, a Taylor 614CE.

May have gone downhill tho, haven't been in one for years.
Anonymous Coward
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11/22/2020 04:00 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Guitar center sells noisy XLR cables. Guitar center is the radio shack of the music instrument industry.
 Quoting: Butch DeFeo


Great for small emergency purchases but yeah that's about it.
President Elect Glockster

User ID: 74460468
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11/22/2020 04:04 PM

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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Their used deals and trade in stuff setup was great. Pick out used gear you want and have it shipped to your local store, and pick it up or have then ship it directly to you. A lot of stuff that was very lightly used could be had with a virtual network of stores spanning the whole country. It was (in my opinion) the best part about it. I buy all my new gear at Sweetwater or Musicians Friend.
Anonymous Coward
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United States
11/22/2020 04:07 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said in a statement.

Earlier this month the company reached a restructuring agreement with key stakeholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

The company in a court filing said it has between $1 billion and $10 billion of both assets and liabilities.

[link to www.foxbusiness.com (secure)]
 Quoting: AggregateThreat


They are way over priced and never have my guitar strings in stock.

I always end up going to Musician's Friend dot com
 Quoting: Anonymous Coward 78831082


Thanks. Now I know where not to buy strings.
URSnowflake

User ID: 79650803
United States
11/22/2020 04:13 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Their used deals and trade in stuff setup was great. Pick out used gear you want and have it shipped to your local store, and pick it up or have then ship it directly to you. A lot of stuff that was very lightly used could be had with a virtual network of stores spanning the whole country. It was (in my opinion) the best part about it. I buy all my new gear at Sweetwater or Musicians Friend.
 Quoting: President Elect Glockster


They were great at one time. Used to go there ages ago in L.A.. They had just about everything and always cut deals to move inventory. But I'm not buying ANY used gear unseen and online. Unless its an unboxed at Sweetwater.
Reason in the land of the unreasonable.
Anonymous Coward
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11/22/2020 04:14 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said in a statement.

Earlier this month the company reached a restructuring agreement with key stakeholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

The company in a court filing said it has between $1 billion and $10 billion of both assets and liabilities.

[link to www.foxbusiness.com (secure)]
 Quoting: AggregateThreat


If your not shopping at Sweetwater you got issues..lol GC sux for years. Zzounds or American Music Supply if you want pay as you go options.
Paranoid420

User ID: 6428417
United States
11/22/2020 04:21 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
They will take a 5000$ guitar, hang it up, expose it to dust, allow people with belt buckles and shirt buttons, kids with shit around there necks to play it. scratch the shit out of it. and then still attempt to sell it. you go there to try shit and then you go home and call your sweetwater guy and a perfect one shows up at your house professionally setup.

Last Edited by Paranoid420 on 11/22/2020 04:22 PM
Arlie27

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11/22/2020 04:26 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
It's a bit hard to shop at their stores and buy shit when they keep closing their stores. They shut themselves down.
They also have poor online sales service, like the whole place was being run by a bunch of amateur guitar stoners.
Anonymous Coward
User ID: 79605804
United States
11/22/2020 04:34 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
I believe Musicians Friend is owned by Guitar Center.

Not everyone needs or can afford a 1000+ guitar every year, especially with an ever-growing used market each year created by those same manufacturers and sellers and players. It takes a long time for an individual guitar to 'die', unlike a car (except if Pete Townshend gets near it).
Zetetic Ben

User ID: 78710158
United States
11/22/2020 04:48 PM

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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Corporate controlled radio killed guitar-oriented music. The cool DJ's who used to play the latest bands are all gone. I made a lot of cash in the 90's renting rehearsal space to kids (paid for by their parents), and up-and-coming bands but technology makes it possible to model amps and drums on your laptop with headphones. Bars don't pay for bands anymore and the record industry is dead. Anyone investing money into GC is going to lose their ass.
ACME_MAN

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11/22/2020 04:51 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
BLUES music being played at company headquarters according to reports. ; )
Dedicated to the brave men who fought and laid down their lives on the beaches of Normandy and the plains of Europe . . . that their sacrifice was not in vain.

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Goby

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11/22/2020 04:58 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said in a statement.

Earlier this month the company reached a restructuring agreement with key stakeholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

The company in a court filing said it has between $1 billion and $10 billion of both assets and liabilities.

[link to www.foxbusiness.com (secure)]
 Quoting: AggregateThreat


They are way over priced and never have my guitar strings in stock.

I always end up going to Musician's Friend dot com
 Quoting: Anonymous Coward 78831082


Guitar center owns Musicians friend in case you didnt know:
In 2000, Guitar Center purchased mail order and Internet retail house Musician's Friend for $50 million, asserting that the merged company was the world's largest seller of musical instruments.
Goby
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11/22/2020 05:00 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
being a musician in the post-covid world is going to be a lonely job since people cant go to concerts or bars, let alone sit in a room and jam with other musicians.

Not a good line of work if you need money to live.
Gypo O'Leary

User ID: 79261622
United States
11/22/2020 05:02 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
kids today are not into music. they just tik tok and masturbate and play video games
A. Nonymous Coward
1guynAz

User ID: 78987609
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11/22/2020 05:03 PM

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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Digital tech ruined the music biz completely...
Living has taught me one thing; nothing is certain...except salvation through Jesus Christ!
Anonymous Coward
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11/22/2020 05:05 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Your can tell this isn’t a music forum. Lots of uneducated comments. Place has been going down for a long time. It’s not new. Guitar Center also owns Musicians friend (and Music123) by the way.
Penjewel45

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11/22/2020 05:05 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
I used to work for that place. It’s like working for the mafia. That place is absolute evil! I guess their “total world domination “ didn’t go as planned
Penjewel
Anonymous Coward
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Canada
11/22/2020 05:10 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
Nobody is allowed to make noise anymore, its against the law. LAW & ORDER!!!

Bitter old ladies around every corner more deserving of life than you.
 Quoting: President-elect Mi <3 Yu


"Noise" has absolutely nothing to do with any of this.

retards2
Writemeaticket Red

User ID: 77067792
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11/22/2020 05:11 PM

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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
I'm about to run down to my local GC and find a discounted Stratocaster!
On this bitch since 2004.
7th Gen Texan - Come and take it!
Anonymous Coward
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11/22/2020 05:18 PM
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Re: Guitar Center files for bankruptcy - <insert funeral march music here>
sweetwater sound ftw





GLP