Guitar Center Files for bankruptcy

[EDW]

Just saw this in the NYT

https://www.nytimes.com/2020/11/22/b...ankruptcy.html

[kohanmike]

It's been coming for a long time. This will allow them to reorganize, probably close a few stores. I frequent the Hollywood and West Los Angeles stores, which I think operate pretty well.

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This is Michael Kohan in Los Angeles, Beverly Grove near the Beverly Center
9 tenor cutaway ukes, 4 acoustic bass ukes, 12 solid body bass ukes, 14 mini electric bass guitars (Total: 39)

Donate to The Ukulele Kids Club, they provide ukuleles to children in hospital music therapy programs. www.theukc.org
Member The CC Strummers: www.youtube.com/user/CCStrummers/video, www.facebook.com/TheCCStrummers

[bsfloyd]

The Guitar Centers in central Ohio are an embarrassment.

- Edited to remove snide remarks.

[Jerryc41]

Just saw this in the NYT

That's a shame. I got my Grateful Dead uke from them - and a few miscellaneous items. They're 1.3 billion in debt! Wow!

[pmorey]

That's a shame. I got my Grateful Dead uke from them - and a few miscellaneous items. They're 1.3 billion in debt! Wow!

But now after a likely debt for equity swap, remarkably only $500 million in debt!

[EDW]

But now after a likely debt for equity swap, remarkably only $500 million in debt!

Pocket change!

[clear]

I hope they don't close any of the stores near me.
They are a great place to buy many things big and small. You just can't beat 10 minute delivery time.

[dwizum]

There are a lot of nuances to how this pandemic is affecting businesses and industries. Frankly I'm a little surprised about GC. I know they've been circling the drain for a while now, but the manager at my local store recently told me that they'd had a bunch of really strong months after things reopened here in the summer. I guess they weren't strong enough to make up for weeks or months of no income when you're already falling behind.

Compare the GC news with Fender's recent announcement that they're having a record-breaking year:

https://www.guitarworld.com/news/fen...in-its-history

[Jerryc41]

There are a lot of nuances to how this pandemic is affecting businesses and industries. Frankly I'm a little surprised about GC. I know they've been circling the drain for a while now, but the manager at my local store recently told me that they'd had a bunch of really strong months after things reopened here in the summer. I guess they weren't strong enough to make up for weeks or months of no income when you're already falling behind.

Compare the GC news with Fender's recent announcement that they're having a record-breaking year:

https://www.guitarworld.com/news/fen...in-its-history

I wonder how their online sales were. I have none of their stores near me, so I usually bought online, although I did buy from a store in MA once.

[Ukecaster]

I wouldn't worry, they'll still be in business. I've found some super deals on their website for used instruments, and the no questions asked 30-day return policy is good.