If there is a guitar brand considered to be one of the most ubiquitous, it’s definitely Gibson. Unfortunately, the legendary instrument maker and musical brand is facing financial issues, as it announced yesterday it is filing for chapter 11 bankruptcy.

“Over the past 12 months, we have made substantial strides through an operational restructuring. We have sold non-core brands, increased earnings, and reduced working capital demands,” said Gibson’s CEO Henry Juszkiewicz in a statement.

Business will go on as usual during the bankruptcy proceedings, “thanks to agreements it has reached with shareholders and noteholders,” writes Rolling Stone.

According to Rolling Stone, Gibson has been in trouble for a while. Annual revenue for the company reportedly fell half a billion dollars over the past three years, compounded with outstanding debts between $100 to $500 million, owing money to more than 26 separate companies.

This report comes on the heels of the news that Guitar Center is also struggling. Rolling Stone reports that Fender, another legendary guitar brand, is also in debt.

Jeannine D’Addario, Chief Marketing, Communications & Customer Officer at Guitar Center, offered this press release following the news of Gibson’s impending bankruptcy: “Based on Gibson’s press release announcing its bankruptcy, we do not expect any substantial disruption to our business. Gibson has noted that its restructuring plan includes a focus on maintaining its core musical instruments business with minimal disruption. Gibson is a premium brand within guitars that continues to perform well and despite media reports suggesting the contrary, guitars remain a central and growing interest for musicians with sales stable or increasing for most of the past decade. In fact, Guitar Center’s guitar sales over the past year have been the strongest we have seen in our history. We think this bodes well for the future and for future generations to develop an interest in and love for playing music.”