Guitar Center Files For Bankruptcy
According to CNN, Guitar Center has filed for Chapter 11 bankruptcy citing lost revenue from the coronavirus pandemic.
Our nation's largest seller of musical instruments joins the ever-growing list of retailers to file bankruptcy since the COVID-19 outbreak. The company tired to offer virtual instrument lessons online to recoup for lost revenue but it was not enough. Guitar Center has upwards $800 million in debt from lenders. The hope is that filing Chapter 11 will help the company reduce their debt so they can restructure and become more profitable.
For now, the company will continue to run day-to-day operations at their 269 locations following COVID-19 restrictions.
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